The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will begin streaming exclusively on the global video platform in 2029, representing the newest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it signed a long-term agreement granting the streaming service the unique international license to the Oscars until 2033.
The Oscars, set for 15 March, has been televised for five decades on the traditional network. Starting in 2029, the show will be accessible in real-time without charge on YouTube.
This is another major upheaval in the entertainment world, which is navigating studio sales and mergers, in addition to steep production cuts.
"Our Academy represents an worldwide body, and this collaboration will enable us to broaden reach to the activities of the Academy to the most extensive international crowd attainable - which will be advantageous for our film artists and the film community," said the Academy's executives in a statement.
Over decades, audience numbers of the ceremony have declined, although there was a minor increase in recent years, with a notable portion of younger viewers watching from mobile devices and desktops.
In a related comment, the video platform's chief executive referred to the Oscars "one of our essential pillars of culture" and noted that teaming up with the Academy would "motivate a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has televised the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
This shift follows major studios confront complex corporate battles. Such proposals were viewed as unfavourable for an business that has witnessed severe reductions over the past several years.
Like major studios, traditional TV channels have faced issues as the viewers has shifted towards streaming services instead.
The platform securing broadcasting rights to the Academy Awards further suggests that dependence on streaming sites will continue to grow.
