The Academy Awards to Depart ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in 2029, marking the latest substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it signed a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, set for March 15th, has been broadcast for 50 years on the traditional network. Beginning in 2029, the event will be viewable in real-time without charge on YouTube.
This is one more major restructuring in the entertainment world, which is navigating studio sales and mergers, in addition to severe reductions in filming.
"Our Academy represents an worldwide body, and this alliance will enable us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be positive for our Academy members and the film community," stated Academy leadership in a statement.
For many years, ratings of the ceremony have dropped, although there was a minor increase in recent years, with a considerable amount of youthful audiences watching from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive called the Oscars "one of our vital cultural institutions" and added that partnering with the Academy would "motivate a fresh wave of artistic expression and film lovers while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has televised the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
This decision comes as large entertainment companies face intricate takeover attempts. These potential deals were viewed as problematic for an sector that has witnessed significant downsizing over the recent period.
In common with big production houses, traditional TV channels have faced issues as the audience has shifted towards streaming services as an alternative.
YouTube obtaining rights to the Oscars strongly indicates that the dominance of online services will persist increasing.
