The Academy Awards to Depart Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards will begin broadcasting solely on YouTube in 2029, representing the latest major shift in the film industry.
The organization behind the Oscars declared the decision on this week, stating that it signed a long-term agreement giving YouTube the unique international license to the Oscars until 2033.
The awards show, set for 15 March, has aired for 50 years on ABC. Starting in 2029, the event will be accessible as a free live stream on YouTube.
This is one more major upheaval in the entertainment world, which is grappling with company buyouts and fusions, in addition to severe slashes to movie budgets.
"Our Academy represents an worldwide body, and this partnership will permit us to broaden reach to the mission of the Academy to the most extensive international crowd attainable - which will be beneficial for our Academy members and the cinematic world," said the Academy's executives in a announcement.
For many years, viewership of the televised event have dropped, though there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and laptops.
In a separate statement, the video platform's chief executive described the Oscars "among our fundamental cultural touchstones" and added that partnering with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has televised the awards since the mid-1970s, commented that it was looking forward "to hosting the event three more times" it will continue to air.
This shift coincides with film industry giants face intricate takeover attempts. Such proposals were considered problematic for an industry that has experienced severe reductions over the last few years.
In common with big production houses, cable networks have struggled as the public has chosen digital platforms as an alternative.
YouTube winning the license to the Academy Awards further suggests that the dominance of digital platforms will persist increasing.
