The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, marking the newest significant change in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it entered into a extended contract granting YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for 15 March, has been televised for five decades on the traditional network. Starting in 2029, the show will be accessible as a free live stream on the digital platform.
This is another major upheaval in Hollywood, which is grappling with company buyouts and fusions, along with steep reductions in filming.
"The Academy is an global institution, and this alliance will permit us to broaden reach to the mission of the Academy to the biggest global viewership attainable - which will be positive for our Academy members and the film community," said organization heads in a release.
Throughout a long period, audience numbers of the televised event have dropped, although there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers streaming from mobile devices and laptops.
In a separate statement, the video platform's chief executive described the Oscars "one of our fundamental pillars of culture" and said that partnering with the Academy would "spark a new generation of creativity and film lovers while staying true to the Oscars' celebrated heritage".
ABC, which has televised the awards since the mid-1970s, said that it was excited "to the next three telecasts" it will continue to air.
The move follows major studios face challenging merger discussions. Such proposals were seen as problematic for an sector that has witnessed drastic cuts over the recent period.
Like big production houses, traditional TV channels have faced issues as the viewers has chosen on-demand video instead.
YouTube winning broadcasting rights to the Academy Awards clearly signals that reliance on online services will carry on expanding.
