The Academy Awards to Depart ABC and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, signaling the newest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it entered into a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, which is planned for 15 March, has been broadcast for a half a century on the traditional network. Starting in 2029, the event will be accessible live and for free on the digital platform.
It's one more substantial shakeup in the entertainment world, which is dealing with studio sales and mergers, in addition to steep slashes to movie budgets.
"The Academy is an worldwide body, and this collaboration will permit us to increase availability to the work of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the movie industry," remarked Academy leadership in a statement.
Throughout a long period, viewership of the ceremony have dropped, even if there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers streaming from mobile devices and desktops.
In a separate statement, YouTube's CEO called the Oscars "one of our essential cultural institutions" and said that working with the Academy would "inspire a new generation of innovation and movie fans while adhering to the Oscars' celebrated legacy".
The broadcast network, which has streamed the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will retain rights for.
The move comes as film industry giants confront complex corporate battles. Such proposals were viewed as problematic for an sector that has seen drastic cuts over the recent period.
Like major studios, traditional TV channels have faced issues as the audience has shifted towards on-demand video instead.
YouTube winning rights to the Academy Awards strongly indicates that dependence on streaming sites will continue expanding.
