The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin airing only on YouTube in the year 2029, signaling the latest substantial shift in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it finalized a long-term agreement granting YouTube the unique international license to the Oscars until 2033.
The Oscars, set for March 15th, has been broadcast for a half a century on ABC. Beginning in 2029, the ceremony will be viewable in real-time without charge on YouTube.
This is a further substantial upheaval in Hollywood, which is dealing with company buyouts and fusions, along with severe production cuts.
"The Academy is an global institution, and this partnership will enable us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be advantageous for our membership and the film community," remarked Academy leadership in a release.
For many years, ratings of the awards show have dropped, although there was a minor increase in recent years, with a significant number of youthful audiences watching from smartphones and computers.
In a related comment, YouTube's CEO called the Oscars "among our fundamental cultural institutions" and added that teaming up with the Academy would "inspire a fresh wave of innovation and movie fans while remaining faithful to the Oscars' illustrious history".
ABC, which has streamed the ceremony since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
The move coincides with large entertainment companies face intricate takeover attempts. Both options were seen as unfavourable for an business that has experienced significant downsizing over the past several years.
In common with big production houses, traditional TV channels have encountered challenges as the public has shifted towards streaming services instead.
YouTube obtaining rights to the Oscars strongly indicates that reliance on streaming sites will continue to grow.
