The Oscars Will Leave Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards will commence streaming exclusively on YouTube in 2029, marking the latest substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it finalized a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, set for 15 March, has aired for five decades on the traditional network. Beginning in 2029, the event will be viewable as a free live stream on YouTube.
It's another substantial upheaval in Hollywood, which is grappling with studio sales and mergers, along with steep slashes to movie budgets.
"The Academy is an international organization, and this partnership will permit us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our Academy members and the cinematic world," said Academy leadership in a announcement.
For many years, viewership of the ceremony have fallen, even if there was a small rise in recent years, with a notable portion of younger viewers streaming from smartphones and computers.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our vital cultural institutions" and noted that partnering with the Academy would "spark a fresh wave of innovation and movie fans while staying true to the Oscars' illustrious history".
The broadcast network, which has streamed the awards since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will still host.
This decision comes as film industry giants deal with complex corporate battles. Such proposals were viewed as concerning for an business that has experienced severe reductions over the past several years.
Similar to major studios, traditional TV channels have faced issues as the audience has chosen digital platforms instead.
The platform securing rights to the Academy Awards further suggests that the dominance of online services will carry on to grow.
