The Oscars Are Exiting Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, marking the latest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it finalized a multi-year deal granting YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been televised for 50 years on the traditional network. Starting in 2029, the event will be available in real-time without charge on YouTube.
It's another substantial shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to steep production cuts.
"Our Academy represents an worldwide body, and this partnership will permit us to broaden reach to the activities of the Academy to the largest worldwide audience imaginable - which will be positive for our film artists and the movie industry," said organization heads in a statement.
Throughout a long period, audience numbers of the televised event have declined, though there was a slight uptick in recent years, with a notable portion of younger viewers watching from cell phones and desktops.
In a separate statement, the head of YouTube described the Oscars "one of our fundamental cultural touchstones" and said that working with the Academy would "motivate a younger cohort of artistic expression and movie fans while staying true to the Oscars' celebrated history".
ABC, which has aired the awards since 1976, said that it was excited "to hosting the event three more times" it will retain rights for.
This shift comes as major studios deal with challenging merger discussions. Both options were considered problematic for an business that has experienced severe reductions over the recent period.
Like major studios, cable networks have struggled as the audience has increasingly opted for streaming services as an alternative.
YouTube obtaining rights to the Academy Awards strongly indicates that reliance on streaming sites will continue to grow.
