The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, representing the latest significant transformation in the film industry.
The organization behind the Oscars declared the decision on this week, confirming 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 a half a century on ABC. Starting in 2029, the ceremony will be viewable in real-time without charge on YouTube.
This is another significant upheaval in the entertainment world, which is grappling with studio sales and mergers, along with severe reductions in filming.
"Our Academy represents an global institution, and this partnership will enable us to increase availability to the work of the Academy to the most extensive international crowd imaginable - which will be advantageous for our Academy members and the cinematic world," said the Academy's executives in a statement.
For many years, audience numbers of the ceremony have declined, even if there was a small rise in recent years, with a considerable amount of youthful audiences streaming from cell phones and laptops.
In a separate statement, YouTube's CEO described the Oscars "one of our vital cultural institutions" and added that teaming up with the Academy would "inspire a younger cohort of innovation and film lovers while adhering to the Oscars' celebrated legacy".
ABC, which has televised the ceremony since 1976, commented that it was excited "to the next three telecasts" it will continue to air.
This shift comes as film industry giants confront challenging merger discussions. Such proposals were viewed as unfavourable for an business that has experienced drastic cuts over the last few years.
Similar to big production houses, traditional TV channels have encountered challenges as the audience has chosen digital platforms instead.
The platform securing rights to the Academy Awards strongly indicates that the dominance of streaming sites will carry on increasing.
