The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in 2029, marking the newest substantial transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a multi-year deal giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, which is planned for March 15th, has been broadcast for 50 years on ABC. Starting in 2029, the event will be available live and for free on YouTube.
This is another substantial upheaval in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep slashes to movie budgets.
"Our Academy represents an worldwide body, and this alliance will allow us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the cinematic world," remarked the Academy's executives in a announcement.
For many years, audience numbers of the awards show have declined, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and laptops.
In a related comment, the head of YouTube referred to the Oscars "among our essential cultural institutions" and said that teaming up with the Academy would "motivate a younger cohort of creativity and cinema enthusiasts while adhering to the Oscars' celebrated legacy".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
The move comes as film industry giants confront challenging merger discussions. Both options were viewed as concerning for an sector that has witnessed significant downsizing over the past several years.
In common with big production houses, cable networks have struggled as the viewers has increasingly opted for streaming services as an alternative.
YouTube winning rights to the Oscars clearly signals that dependence on online services will persist expanding.
