The Oscars Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, signaling the most recent substantial shift in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, confirming that it signed a multi-year deal awarding YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has aired for 50 years on ABC. Starting in 2029, the ceremony will be available live and for free on the digital platform.
This is a further major restructuring in the entertainment world, which is grappling with company buyouts and fusions, coupled with drastic reductions in filming.
"The Academy is an worldwide body, and this alliance will allow us to increase availability to the activities of the Academy to the largest worldwide audience imaginable - which will be positive for our film artists and the film community," stated organization heads in a release.
Throughout a long period, viewership of the ceremony have fallen, though there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers streaming from mobile devices and laptops.
In a corresponding announcement, YouTube's CEO described the Oscars "among our fundamental cultural institutions" and noted that partnering with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while adhering to the Oscars' illustrious history".
The broadcast network, which has aired the awards since 1976, said that it was looking forward "to hosting the event three more times" it will retain rights for.
This decision follows major studios confront intricate takeover attempts. Such proposals were viewed as unfavourable for an business that has experienced significant downsizing over the past several years.
Similar to major studios, cable networks have struggled as the viewers has increasingly opted for digital platforms as an alternative.
YouTube winning rights to the Oscars clearly signals that reliance on digital platforms will continue expanding.
