The Oscars to Depart Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin broadcasting solely on the global video platform in the year 2029, marking the newest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it finalized a multi-year deal granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, set for March 15th, has aired for five decades on ABC. Beginning in 2029, the event will be accessible as a free live stream on YouTube.
It's another significant shakeup in Hollywood, which is dealing with studio sales and mergers, along with steep production cuts.
"The Academy is an worldwide body, and this collaboration will permit us to increase availability to the activities of the Academy to the most extensive international crowd possible - which will be positive for our film artists and the movie industry," said organization heads in a announcement.
For many years, audience numbers of the awards show have declined, even if there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers watching from smartphones and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "a key fundamental pillars of culture" and said that partnering with the Academy would "spark a fresh wave of creativity and movie fans while remaining faithful to the Oscars' illustrious heritage".
ABC, which has aired the awards since the mid-1970s, commented that it was eagerly anticipating "to hosting the event three more times" it will still host.
This decision coincides with major studios deal with challenging merger discussions. These potential deals were considered unfavourable for an industry that has seen significant downsizing over the last few years.
In common with big production houses, traditional TV channels have encountered challenges as the audience has shifted towards on-demand video instead.
YouTube winning the license to the Academy Awards further suggests that the dominance of online services will continue expanding.
