The Oscars Are Exiting Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in 2029, marking the latest significant shift in Hollywood.
The organization behind the Oscars revealed the news on this week, confirming that it entered into a extended contract giving YouTube the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has been broadcast for 50 years on ABC. Commencing in 2029, the show will be accessible live and for free on YouTube.
This is a further major upheaval in Hollywood, which is navigating studio sales and mergers, in addition to severe production cuts.
"Our Academy represents an global institution, and this collaboration will permit us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the movie industry," remarked organization heads in a statement.
Throughout a long period, viewership of the ceremony have dropped, although there was a minor increase in recent years, with a significant number of younger viewers watching from cell phones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "a key fundamental cultural touchstones" and added that partnering with the Academy would "inspire a fresh wave of innovation and film lovers while staying true to the Oscars' celebrated history".
ABC, which has aired the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will retain rights for.
The move coincides with large entertainment companies deal with intricate takeover attempts. Such proposals were considered unfavourable for an business that has witnessed severe reductions over the past several years.
Like big production houses, cable networks have encountered challenges as the viewers has increasingly opted for digital platforms instead.
The platform securing broadcasting rights to the Academy Awards strongly indicates that reliance on digital platforms will continue expanding.
