The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards are set to start broadcasting solely on the global video platform in the year 2029, representing the latest substantial shift in the film industry.
The organization behind the Oscars revealed the news on this week, confirming that it signed a extended contract awarding the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, set for 15 March, has been broadcast for five decades on ABC. Beginning in 2029, the ceremony will be available as a free live stream on YouTube.
It's a further substantial restructuring in Hollywood, which is grappling with company buyouts and fusions, in addition to steep reductions in filming.
"Our Academy represents an global institution, and this partnership will allow us to increase availability to the mission of the Academy to the largest worldwide audience attainable - which will be advantageous for our membership and the film community," said the Academy's executives in a statement.
For many years, viewership of the ceremony have fallen, though there was a slight uptick in recent years, with a notable portion of youthful audiences tuning in from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "a key vital cultural institutions" and noted that partnering with the Academy would "spark a fresh wave of creativity and movie fans while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has aired the awards since 1976, stated that it was excited "to hosting the event three more times" it will still host.
This shift coincides with major studios face challenging merger discussions. Such proposals were seen as unfavourable for an industry that has witnessed significant downsizing over the last few years.
In common with major studios, traditional TV channels have encountered challenges as the audience has increasingly opted for streaming services instead.
YouTube winning the license to the Academy Awards further suggests that reliance on digital platforms will carry on to grow.
