The Oscars Will Leave Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, representing the latest major shift in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, indicating that it entered into a multi-year deal giving YouTube the unique international license to the Oscars through 2033.
The Oscars, which is planned for 15 March, has aired for 50 years on the traditional network. Commencing in 2029, the event will be accessible in real-time without charge on YouTube.
This is one more substantial upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will allow us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be positive for our membership and the cinematic world," said Academy leadership in a release.
Over decades, viewership of the awards show have fallen, though there was a small rise in recent years, with a considerable amount of younger viewers tuning in from cell phones and computers.
In a separate statement, the video platform's chief executive called the Oscars "one of our essential pillars of culture" and said that teaming up with the Academy would "motivate a fresh wave of innovation and film lovers while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has televised the ceremony since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
This decision coincides with large entertainment companies face intricate takeover attempts. These potential deals were seen as problematic for an sector that has witnessed significant downsizing over the recent period.
Similar to big production houses, cable networks have faced issues as the viewers has increasingly opted for digital platforms instead.
YouTube obtaining broadcasting rights to the Oscars strongly indicates that reliance on streaming sites will persist increasing.
