The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will begin broadcasting solely on the global video platform in 2029, signaling the newest major change in the film industry.
The organization behind the Oscars revealed the news on this week, stating that it signed a long-term agreement granting YouTube the unique international license to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been broadcast for 50 years on the traditional network. Starting in 2029, the ceremony will be available in real-time without charge on YouTube.
It's a further significant restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep production cuts.
"The Academy is an worldwide body, and this alliance will allow us to increase availability to the activities of the Academy to the largest worldwide audience imaginable - which will be positive for our membership and the movie industry," stated the Academy's executives in a statement.
Over decades, audience numbers of the televised event have fallen, though there was a small rise in recent years, with a significant number of younger viewers streaming from cell phones and desktops.
In a corresponding announcement, the head of YouTube described the Oscars "one of our vital cultural touchstones" and noted that teaming up with the Academy would "motivate a younger cohort of artistic expression and film lovers while adhering to the Oscars' storied history".
The broadcast network, which has televised the awards since the mid-1970s, said that it was excited "to the next three telecasts" it will retain rights for.
The move comes as film industry giants face complex corporate battles. Both options were considered problematic for an industry that has witnessed drastic cuts over the recent period.
In common with big production houses, traditional TV channels have struggled as the public has shifted towards digital platforms instead.
The platform securing broadcasting rights to the Academy Awards strongly indicates that the dominance of online services will carry on to grow.
