The Oscars Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony will commence airing only on YouTube in the year 2029, representing the latest substantial shift in the film industry.
The organization behind the Oscars made the announcement on Wednesday, stating that it finalized a extended contract giving YouTube the unique international license to the Oscars until 2033.
The awards show, which is planned for 15 March, has been broadcast for a half a century on the traditional network. Beginning in 2029, the show will be accessible as a free live stream on the digital platform.
This is another major restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with severe production cuts.
"Our Academy represents an international organization, and this alliance will allow us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be advantageous for our film artists and the movie industry," stated organization heads in a release.
For many years, ratings of the televised event have dropped, although there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our vital cultural institutions" and said that working with the Academy would "inspire a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied heritage".
The broadcast network, which has streamed the awards since 1976, stated that it was looking forward "to hosting the event three more times" it will continue to air.
This decision coincides with film industry giants confront intricate takeover attempts. Such proposals were viewed as unfavourable for an industry that has experienced significant downsizing over the last few years.
Similar to major studios, traditional TV channels have faced issues as the viewers has shifted towards streaming services instead.
YouTube winning rights to the Academy Awards clearly signals that reliance on digital platforms will continue to grow.
