The Oscars Will Leave Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, marking the latest substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it finalized a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the ceremony will be viewable as a free live stream on the digital platform.
It's a further major restructuring in the entertainment world, which is grappling with studio sales and mergers, along with steep production cuts.
"The Academy is an global institution, and this alliance will allow us to increase availability to the mission of the Academy to the most extensive international crowd attainable - which will be positive for our Academy members and the cinematic world," said Academy leadership in a release.
For many years, audience numbers of the televised event have fallen, though there was a small rise in recent years, with a significant number of younger viewers streaming from cell phones and laptops.
In a separate statement, the head of YouTube called the Oscars "a key essential cultural institutions" and said that working with the Academy would "inspire a fresh wave of artistic expression and film lovers while adhering to the Oscars' illustrious legacy".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move comes as major studios confront complex corporate battles. Such proposals were viewed as unfavourable for an sector that has experienced significant downsizing over the past several years.
In common with major studios, traditional TV channels have faced issues as the viewers has shifted towards streaming services instead.
The platform securing broadcasting rights to the Oscars further suggests that dependence on digital platforms will persist increasing.
