The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will commence broadcasting solely on the global video platform in the year 2029, representing the newest substantial transformation in Hollywood.
The organization behind the Oscars revealed the news on this week, indicating that it entered into a extended contract giving YouTube the unique international license to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the ceremony will be viewable as a free live stream on YouTube.
It's another major shakeup in Hollywood, which is grappling with studio sales and mergers, along with steep reductions in filming.
"Our Academy represents an worldwide body, and this collaboration will allow us to broaden reach to the activities of the Academy to the biggest global viewership attainable - which will be advantageous for our Academy members and the cinematic world," said the Academy's executives in a statement.
For many years, audience numbers of the awards show have dropped, though there was a slight uptick in recent years, with a considerable amount of younger viewers tuning in from smartphones and laptops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our vital cultural touchstones" and said that partnering with the Academy would "spark a new generation of artistic expression and film lovers while adhering to the Oscars' celebrated heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was looking forward "to the next three telecasts" it will still host.
This decision follows large entertainment companies deal with complex corporate battles. These potential deals were seen as problematic for an sector that has seen severe reductions over the past several years.
Similar to big production houses, cable networks have faced issues as the audience has shifted towards digital platforms instead.
YouTube winning rights to the Academy Awards clearly signals that reliance on digital platforms will carry on increasing.
