The Oscars Are Exiting Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, marking the newest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it entered into a multi-year deal granting the streaming service the unique international license to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been televised for 50 years on the traditional network. Starting in 2029, the ceremony will be accessible live and for free on the digital platform.
This is a further substantial shakeup in Hollywood, which is navigating studio sales and mergers, in addition to drastic reductions in filming.
"Our Academy represents an global institution, and this partnership will permit us to broaden reach to the work of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the cinematic world," said organization heads in a announcement.
Over decades, viewership of the televised event have fallen, although there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and laptops.
In a corresponding announcement, YouTube's CEO described the Oscars "among our vital pillars of culture" and noted that teaming up with the Academy would "inspire a younger cohort of creativity and movie fans while staying true to the Oscars' storied heritage".
The broadcast network, which has streamed the ceremony since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This decision follows large entertainment companies confront challenging merger discussions. These potential deals were considered problematic for an business that has seen significant downsizing over the past several years.
Like big production houses, cable networks have struggled as the viewers has increasingly opted for streaming services as an alternative.
YouTube winning broadcasting rights to the Oscars further suggests that dependence on online services will continue to grow.
