The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, marking the latest significant change in Hollywood.
The organization behind the Oscars made the announcement on this week, stating that it entered into a extended contract awarding YouTube the unique international license to the Oscars through 2033.
The awards show, set for March 15th, has been broadcast for a half a century on the traditional network. Commencing in 2029, the ceremony will be available in real-time without charge on the digital platform.
It's a further significant shakeup in Hollywood, which is navigating studio sales and mergers, coupled with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this partnership will enable us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the cinematic world," said the Academy's executives in a release.
Over decades, audience numbers of the televised event have fallen, even if there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from mobile devices and laptops.
In a separate statement, YouTube's CEO described the Oscars "among our fundamental pillars of culture" and added that working with the Academy would "inspire a new generation of innovation and film lovers while remaining faithful 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 upcoming broadcasts" it will continue to air.
This shift follows major studios confront intricate takeover attempts. Both options were seen as unfavourable for an industry that has witnessed drastic cuts over the last few years.
In common with big production houses, cable networks have struggled as the public has shifted towards digital platforms instead.
The platform securing rights to the Oscars strongly indicates that reliance on digital platforms will persist to grow.