The Oscars Will Leave Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, marking the most recent significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it entered into a extended contract giving the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for March 15th, has aired for 50 years on ABC. Beginning in 2029, the event will be viewable in real-time without charge on the digital platform.
This is another major upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with severe reductions in filming.
"Our Academy represents an global institution, and this partnership will allow us to expand access to the activities of the Academy to the largest worldwide audience attainable - which will be advantageous for our membership and the cinematic world," stated the Academy's executives in a release.
For many years, ratings of the ceremony have fallen, though there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from mobile devices and laptops.
In a corresponding announcement, the head of YouTube described the Oscars "one of our fundamental pillars of culture" and said that teaming up with the Academy would "inspire a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
This shift comes as large entertainment companies confront challenging merger discussions. Both options were seen as concerning for an business that has seen drastic cuts over the recent period.
Like major studios, traditional TV channels have struggled as the audience has chosen streaming services instead.
YouTube winning the license to the Oscars further suggests that reliance on digital platforms will carry on expanding.
