The Academy Awards Will Leave Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on the global video platform in the year 2029, signaling the most recent substantial shift in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it entered into a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, scheduled for 15 March, has been broadcast for a half a century on the traditional network. Beginning in 2029, the show will be accessible live and for free on the digital platform.
This is one more substantial upheaval in Hollywood, which is grappling with company buyouts and fusions, coupled with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will permit us to broaden reach to the activities of the Academy to the most extensive international crowd attainable - which will be advantageous for our membership and the cinematic world," stated the Academy's executives in a statement.
Over decades, viewership of the ceremony have fallen, although there was a minor increase in recent years, with a considerable amount of youthful audiences tuning in from mobile devices and laptops.
In a corresponding announcement, the video platform's chief executive called the Oscars "one of our vital cultural touchstones" and noted that partnering with the Academy would "inspire a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has streamed the awards since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision comes as film industry giants deal with intricate takeover attempts. Such proposals were seen as problematic for an industry that has experienced significant downsizing over the last few years.
Similar to major studios, traditional TV channels have faced issues as the viewers has increasingly opted for on-demand video instead.
YouTube obtaining rights to the Academy Awards clearly signals that reliance on digital platforms will carry on increasing.
