The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will begin airing only on YouTube in the year 2029, representing the most recent major transformation in Hollywood.
The organization behind the Oscars made the announcement on this week, confirming that it entered into a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for 15 March, has aired for five decades on the traditional network. Commencing in 2029, the show will be viewable live and for free on the digital platform.
This is a further substantial restructuring in the entertainment world, which is grappling with studio sales and mergers, in addition to drastic production cuts.
"The Academy is an global institution, and this alliance will allow us to increase availability to the work of the Academy to the largest worldwide audience possible - which will be positive for our membership and the cinematic world," stated Academy leadership in a release.
For many years, ratings of the awards show have fallen, although there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers tuning in from smartphones and computers.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our essential cultural institutions" and noted that teaming up with the Academy would "spark a new generation of artistic expression and film lovers while staying true to the Oscars' storied heritage".
The broadcast network, which has aired the awards since the mid-1970s, said that it was excited "to hosting the event three more times" it will continue to air.
This shift coincides with large entertainment companies confront challenging merger discussions. Both options were viewed as concerning for an industry that has seen significant downsizing over the last few years.
Similar to big production houses, cable networks have faced issues as the audience has increasingly opted for streaming services instead.
YouTube obtaining the license to the Oscars clearly signals that reliance on digital platforms will continue to grow.
