The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, representing the newest substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it finalized a extended contract awarding YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, set for 15 March, has been televised for a half a century on the traditional network. Beginning in 2029, the show will be available live and for free on YouTube.
It's a further major restructuring in the entertainment world, which is dealing with studio sales and mergers, coupled with severe slashes to movie budgets.
"The Academy is an international organization, and this alliance will enable us to increase availability to the mission of the Academy to the largest worldwide audience attainable - which will be beneficial for our film artists and the movie industry," remarked organization heads in a release.
Over decades, audience numbers of the awards show have declined, although there was a small rise in recent years, with a significant number of youthful audiences streaming from cell phones and computers.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our fundamental cultural institutions" and said that teaming up with the Academy would "motivate a younger cohort of artistic expression and movie fans while remaining faithful to the Oscars' storied history".
ABC, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
The move comes as large entertainment companies face intricate takeover attempts. Both options were viewed as problematic for an industry that has witnessed significant downsizing over the last few years.
Like big production houses, traditional TV channels have struggled as the audience has shifted towards digital platforms instead.
YouTube winning broadcasting rights to the Oscars strongly indicates that dependence on streaming sites will carry on expanding.
