The Academy Awards Will Leave Broadcast TV and Stream on YouTube Starting in 2029.
The Academy Awards are set to start broadcasting solely on YouTube in 2029, representing the most recent major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it entered into a long-term agreement giving the streaming service the unique international license to the Oscars until 2033.
The Oscars, set for 15 March, has aired for five decades on ABC. Starting in 2029, the show will be viewable live and for free on YouTube.
This is another major shakeup in Hollywood, which is grappling with studio sales and mergers, coupled with drastic production cuts.
"The Academy is an worldwide body, and this collaboration will permit us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our Academy members and the cinematic world," remarked organization heads in a release.
For many years, viewership of the ceremony have declined, though there was a minor increase in recent years, with a considerable amount of youthful audiences streaming from smartphones and desktops.
In a separate statement, YouTube's CEO described the Oscars "among our vital pillars of culture" and said that teaming up with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while staying true to the Oscars' storied heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
The move follows major studios confront complex corporate battles. Such proposals were considered unfavourable for an business that has seen drastic cuts over the last few years.
In common with big production houses, cable networks have encountered challenges as the public has shifted towards on-demand video as an alternative.
YouTube winning broadcasting rights to the Academy Awards clearly signals that reliance on online services will carry on increasing.
