The Academy Awards to Depart Broadcast TV and Stream on YouTube Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, representing the newest significant change in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it finalized a multi-year deal awarding YouTube the unique international license to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable as a free live stream on the digital platform.
It's a further major upheaval in the entertainment world, which is navigating studio sales and mergers, in addition to drastic reductions in filming.
"The Academy is an worldwide body, and this partnership will permit us to broaden reach to the activities of the Academy to the most extensive international crowd attainable - which will be beneficial for our membership and the film community," said the Academy's executives in a release.
For many years, ratings of the awards show have fallen, even if there was a slight uptick in recent years, with a considerable amount of younger viewers tuning in from cell phones and laptops.
In a separate statement, YouTube's CEO described the Oscars "among our essential cultural touchstones" and said that partnering with the Academy would "spark a new generation of innovation and movie fans while staying true to the Oscars' storied history".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was excited "to the next three telecasts" it will continue to air.
This decision coincides with major studios face challenging merger discussions. Such proposals were considered unfavourable for an industry that has experienced drastic cuts over the recent period.
In common with major studios, cable networks have faced issues as the audience has shifted towards on-demand video instead.
YouTube winning the license to the Academy Awards strongly indicates that reliance on digital platforms will carry on to grow.
