🔗 Share this article

The Oscars ceremony will begin airing only on the global video platform in 2029, representing the newest substantial change in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, indicating that it entered into a multi-year deal granting YouTube the unique international license to the Oscars until 2033.

The Oscars, scheduled for 15 March, has been televised for a half a century on ABC. Commencing in 2029, the event will be available live and for free on YouTube.

It's another substantial shakeup in the entertainment world, which is dealing with company buyouts and fusions, along with steep reductions in filming.

"Our Academy represents an worldwide body, and this alliance will permit us to broaden reach to the mission of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the film community," stated Academy leadership in a release.

Throughout a long period, ratings of the awards show have fallen, though there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and laptops.

In a corresponding announcement, the head of YouTube called the Oscars "a key fundamental cultural institutions" and said that teaming up with the Academy would "motivate a fresh wave of creativity and movie fans while remaining faithful to the Oscars' celebrated heritage".

The broadcast network, which has streamed the awards since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.

The move coincides with large entertainment companies deal with challenging merger discussions. Such proposals were considered concerning for an business that has witnessed drastic cuts over the last few years.

Similar to major studios, traditional TV channels have struggled as the audience has shifted towards digital platforms instead.

YouTube winning rights to the Oscars clearly signals that the dominance of online services will carry on expanding.