The Oscars Are Exiting Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, signaling the most recent substantial shift in Hollywood.
The organization behind the Oscars revealed the news on this week, stating that it signed a multi-year deal granting the streaming service the unique international license to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been broadcast for 50 years on the traditional network. Starting in 2029, the ceremony will be available as a free live stream on the digital platform.
It's one more significant restructuring in the entertainment world, which is grappling with company buyouts and fusions, coupled with steep reductions in filming.
"The Academy is an international organization, and this collaboration will enable us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be beneficial for our membership and the film community," stated Academy leadership in a release.
Throughout a long period, ratings of the ceremony have declined, even if there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and computers.
In a separate statement, the head of YouTube described the Oscars "among our vital pillars of culture" and added that teaming up with the Academy would "inspire a new generation of creativity and film lovers while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has streamed the ceremony since 1976, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision follows film industry giants deal with intricate takeover attempts. Both options were seen as concerning for an business that has witnessed drastic cuts over the past several years.
Similar to major studios, traditional TV channels have encountered challenges as the viewers has increasingly opted for streaming services as an alternative.
YouTube winning rights to the Oscars clearly signals that reliance on digital platforms will persist expanding.