The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start airing only on the global video platform in 2029, marking the latest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it entered into a long-term agreement granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, set for March 15th, has been televised for five decades on ABC. Commencing in 2029, the event will be viewable in real-time without charge on YouTube.
It's one more significant shakeup in Hollywood, which is dealing with company buyouts and fusions, along with steep slashes to movie budgets.
"The Academy is an global institution, and this alliance will enable us to increase availability to the mission of the Academy to the most extensive international crowd possible - which will be beneficial for our membership and the cinematic world," stated the Academy's executives in a announcement.
Over decades, viewership of the awards show have fallen, although there was a small rise in recent years, with a significant number of younger viewers watching from mobile devices and desktops.
In a corresponding announcement, YouTube's CEO described the Oscars "a key fundamental cultural institutions" and said that working with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while adhering to the Oscars' storied legacy".
ABC, which has televised the ceremony since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will retain rights for.
This shift follows large entertainment companies deal with complex corporate battles. Such proposals were seen as problematic for an industry that has experienced severe reductions over the recent period.
In common with major studios, cable networks have faced issues as the public has chosen on-demand video instead.
YouTube winning broadcasting rights to the Academy Awards further suggests that dependence on online services will carry on expanding.
