The Academy Awards to Depart Broadcast TV and Stream on YouTube Starting in 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in the year 2029, signaling the most recent significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it signed a long-term agreement granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has aired for a half a century on the traditional network. Starting in 2029, the ceremony will be viewable as a free live stream on YouTube.
It's one more major shakeup in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to severe slashes to movie budgets.
"Our Academy represents an international organization, and this collaboration will permit us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our Academy members and the film community," remarked the Academy's executives in a release.
For many years, audience numbers of the awards show have declined, even if there was a slight uptick in recent years, with a significant number of younger viewers watching from smartphones and laptops.
In a separate statement, YouTube's CEO described the Oscars "among our essential pillars of culture" and said that working with the Academy would "motivate a fresh wave of artistic expression and film lovers while adhering to the Oscars' illustrious history".
The broadcast network, which has televised the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision comes as film industry giants face intricate takeover attempts. Such proposals were viewed as problematic for an industry that has witnessed significant downsizing over the past several years.
In common with major studios, cable networks have encountered challenges as the audience has increasingly opted for on-demand video instead.
The platform securing rights to the Academy Awards further suggests that dependence on streaming sites will continue to grow.
