The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in the year 2029, representing the most recent significant transformation in Hollywood.
The organization behind the Oscars made the announcement on this week, stating that it entered into a multi-year deal granting YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the show will be accessible in real-time without charge on the digital platform.
It's one more major shakeup in Hollywood, which is grappling with company buyouts and fusions, in addition to steep production cuts.
"The Academy is an worldwide body, and this collaboration will allow us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the cinematic world," said organization heads in a release.
For many years, audience numbers of the awards show have dropped, though there was a minor increase in recent years, with a notable portion of younger viewers watching from cell phones and laptops.
In a separate statement, YouTube's CEO referred to the Oscars "one of our fundamental pillars of culture" and said that teaming up with the Academy would "spark a fresh wave of innovation and movie fans while adhering to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since 1976, said that it was excited "to the upcoming broadcasts" it will still host.
The move follows film industry giants deal with challenging merger discussions. These potential deals were seen as problematic for an sector that has witnessed drastic cuts over the recent period.
Like major studios, traditional TV channels have faced issues as the viewers has shifted towards digital platforms as an alternative.
YouTube obtaining the license to the Academy Awards further suggests that reliance on digital platforms will carry on increasing.
