The Oscars Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards will begin airing only on the global video platform in the year 2029, representing the newest significant shift in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a multi-year deal granting the streaming service the unique international license to the Oscars until 2033.
The Oscars, scheduled for March 15th, has aired for five decades on the traditional network. Starting in 2029, the show will be accessible live and for free on YouTube.
This is one more significant upheaval in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will enable us to broaden reach to the work of the Academy to the biggest global viewership possible - which will be advantageous for our Academy members and the cinematic world," remarked the Academy's executives in a statement.
For many years, viewership of the televised event have fallen, though there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from cell phones and laptops.
In a related comment, YouTube's CEO called the Oscars "a key essential cultural touchstones" and said that partnering with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while adhering to the Oscars' storied heritage".
The broadcast network, which has televised the ceremony since 1976, commented that it was excited "to hosting the event three more times" it will continue to air.
This decision coincides with large entertainment companies confront intricate takeover attempts. These potential deals were viewed as problematic for an industry that has seen drastic cuts over the recent period.
Like major studios, cable networks have encountered challenges as the viewers has chosen on-demand video instead.
YouTube obtaining rights to the Oscars further suggests that dependence on online services will carry on to grow.
