The Academy Awards Will Leave Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on YouTube in 2029, representing the newest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it entered into a long-term agreement granting YouTube the unique international license to the Oscars until 2033.
The Oscars, scheduled for 15 March, has been televised for 50 years on the traditional network. Commencing in 2029, the ceremony will be accessible as a free live stream on the digital platform.
This is a further major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, along with drastic slashes to movie budgets.
"The Academy is an international organization, and this collaboration will permit us to increase availability to the activities of the Academy to the largest worldwide audience imaginable - which will be positive for our film artists and the film community," said the Academy's executives in a announcement.
Over decades, ratings of the awards show have declined, though there was a small rise in recent years, with a significant number of younger viewers watching from mobile devices and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "one of our essential pillars of culture" and said that teaming up with the Academy would "inspire a fresh wave of artistic expression and film lovers while adhering to the Oscars' celebrated heritage".
The broadcast network, which has aired the awards since 1976, said that it was excited "to hosting the event three more times" it will still host.
The move follows film industry giants confront intricate takeover attempts. Such proposals were viewed as concerning for an industry that has seen severe reductions over the past several years.
In common with major studios, cable networks have faced issues as the public has chosen on-demand video instead.
The platform securing broadcasting rights to the Oscars strongly indicates that reliance on online services will continue increasing.
