The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin airing only on the global video platform in 2029, signaling the latest major change in the film industry.
The organization behind the Oscars made the announcement on this week, stating that it signed a long-term agreement granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, set for March 15th, has been broadcast for 50 years on ABC. Beginning in 2029, the show will be available as a free live stream on the digital platform.
It's one more major shakeup in the entertainment world, which is grappling with studio sales and mergers, along with severe slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will enable us to expand access to the work of the Academy to the largest worldwide audience imaginable - which will be advantageous for our Academy members and the cinematic world," remarked the Academy's executives in a announcement.
For many years, ratings of the ceremony have declined, even if there was a minor increase in recent years, with a significant number of youthful audiences streaming from mobile devices and laptops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our essential pillars of culture" and added that working with the Academy would "inspire a new generation of innovation and cinema enthusiasts while staying true to the Oscars' illustrious legacy".
The broadcast network, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This decision coincides with film industry giants face challenging merger discussions. Such proposals were seen as problematic for an sector that has experienced severe reductions over the recent period.
In common with major studios, cable networks have struggled as the viewers has shifted towards streaming services instead.
YouTube obtaining broadcasting rights to the Oscars clearly signals that the dominance of digital platforms will continue to grow.
