🔗 Share this article

The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, representing the latest significant transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it finalized a extended contract giving YouTube the exclusive global rights to the Oscars up to 2033.

The Oscars, set for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the ceremony will be viewable in real-time without charge on the digital platform.

This is a further substantial upheaval in Hollywood, which is navigating company buyouts and fusions, coupled with steep production cuts.

"The Academy is an worldwide body, and this alliance will permit us to increase availability to the activities of the Academy to the biggest global viewership attainable - which will be advantageous for our Academy members and the movie industry," stated Academy leadership in a release.

Throughout a long period, ratings of the awards show have fallen, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers streaming from smartphones and laptops.

In a related comment, the video platform's chief executive referred to the Oscars "one of our fundamental cultural touchstones" and added that partnering with the Academy would "inspire a fresh wave of innovation and movie fans while staying true to the Oscars' celebrated heritage".

The broadcast network, which has aired the ceremony since 1976, said that it was excited "to hosting the event three more times" it will retain rights for.

This shift follows major studios confront challenging merger discussions. Such proposals were seen as problematic for an industry that has seen significant downsizing over the recent period.

Similar to big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for digital platforms instead.

YouTube winning the license to the Oscars strongly indicates that dependence on digital platforms will persist increasing.