The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, marking the most recent substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it finalized a long-term agreement granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been broadcast for five decades on the traditional network. Starting in 2029, the event will be viewable live and for free on YouTube.
This is one more significant restructuring in the entertainment world, which is grappling with company buyouts and fusions, in addition to drastic reductions in filming.
"Our Academy represents an worldwide body, and this partnership will allow us to broaden reach to the work of the Academy to the most extensive international crowd imaginable - which will be advantageous for our membership and the movie industry," stated the Academy's executives in a announcement.
Over decades, viewership of the awards show have dropped, although there was a minor increase in recent years, with a considerable amount of youthful audiences streaming from smartphones and computers.
In a corresponding announcement, YouTube's CEO referred to the Oscars "a key fundamental cultural institutions" and said that teaming up with the Academy would "motivate a younger cohort of innovation and movie fans while adhering to the Oscars' storied history".
The broadcast network, which has televised the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision follows large entertainment companies face challenging merger discussions. Both options were seen as concerning for an sector that has seen significant downsizing over the recent period.
In common with big production houses, cable networks have struggled as the viewers has increasingly opted for streaming services as an alternative.
The platform securing the license to the Academy Awards clearly signals that the dominance of online services will carry on to grow.
