The Oscars to Depart Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in 2029, representing the latest substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it finalized a multi-year deal granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, set for 15 March, has aired for five decades on the traditional network. Starting in 2029, the ceremony will be viewable in real-time without charge on YouTube.
It's one more significant shakeup in Hollywood, which is grappling with company buyouts and fusions, coupled with steep production cuts.
"Our Academy represents an worldwide body, and this alliance will permit us to increase availability to the activities of the Academy to the most extensive international crowd possible - which will be positive for our membership and the cinematic world," remarked the Academy's executives in a announcement.
For many years, audience numbers of the ceremony have declined, although there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a related comment, the video platform's chief executive referred to the Oscars "a key essential cultural touchstones" and noted that partnering with the Academy would "inspire a fresh wave of innovation and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
ABC, which has aired the awards since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
This decision follows major studios face complex corporate battles. Such proposals were seen as unfavourable for an industry that has witnessed drastic cuts over the past several years.
Like big production houses, traditional TV channels have faced issues as the audience has increasingly opted for digital platforms as an alternative.
YouTube winning the license to the Academy Awards further suggests that the dominance of streaming sites will persist to grow.
