The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin airing only on YouTube in the year 2029, signaling the most recent major transformation in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a extended contract awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the event will be accessible as a free live stream on YouTube.
It's one more significant restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, along with drastic reductions in filming.
"Our Academy represents an worldwide body, and this alliance will enable us to expand access to the mission of the Academy to the most extensive international crowd attainable - which will be beneficial for our membership and the movie industry," said the Academy's executives in a statement.
Over decades, viewership of the awards show have declined, though there was a small rise in recent years, with a considerable amount of younger viewers streaming from cell phones and computers.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our essential cultural institutions" and said that working with the Academy would "spark a younger cohort of artistic expression and movie fans while staying true to the Oscars' illustrious history".
ABC, which has streamed the awards since 1976, said that it was looking forward "to the next three telecasts" it will retain rights for.
The move coincides with film industry giants deal with challenging merger discussions. Both options were considered unfavourable for an sector that has experienced drastic cuts over the past several years.
In common with major studios, cable networks have struggled as the public has increasingly opted for on-demand video instead.
YouTube obtaining rights to the Oscars clearly signals that reliance on digital platforms will persist expanding.
