The Oscars Will Leave Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony will commence streaming exclusively on YouTube in the year 2029, representing the latest significant shift in the film industry.
The organization behind the Oscars made the announcement on this week, stating that it entered into a multi-year deal granting the streaming service the unique international license to the Oscars until 2033.
The awards show, set for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the event will be viewable in real-time without charge on YouTube.
This is a further major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe production cuts.
"The Academy is an global institution, and this alliance will permit us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be advantageous for our Academy members and the cinematic world," remarked Academy leadership in a announcement.
For many years, ratings of the televised event have declined, although there was a minor increase in recent years, with a considerable amount of younger viewers watching from smartphones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our fundamental cultural institutions" and added that teaming up with the Academy would "spark a younger cohort of innovation and film lovers while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has aired the ceremony since 1976, stated that it was excited "to hosting the event three more times" it will retain rights for.
This shift follows large entertainment companies confront intricate takeover attempts. Both options were seen as problematic for an industry that has witnessed drastic cuts over the recent period.
In common with big production houses, cable networks have encountered challenges as the public has increasingly opted for digital platforms as an alternative.
The platform securing rights to the Academy Awards strongly indicates that reliance on streaming sites will continue to grow.
