The Oscars to Depart ABC and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will begin airing only on the global video platform in the year 2029, signaling the newest substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it finalized a extended contract awarding the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on ABC. Starting in 2029, the event will be available in real-time without charge on YouTube.
This is a further significant shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"The Academy is an global institution, and this alliance will permit us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the cinematic world," remarked organization heads in a release.
Over decades, ratings of the ceremony have fallen, even if there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers watching from cell phones and laptops.
In a corresponding announcement, the head of YouTube described the Oscars "among our essential pillars of culture" and said that partnering with the Academy would "motivate a new generation of artistic expression and movie fans while remaining faithful to the Oscars' storied legacy".
ABC, which has streamed the awards since 1976, said that it was looking forward "to hosting the event three more times" it will retain rights for.
The move follows film industry giants face complex corporate battles. Such proposals were viewed as problematic for an sector that has experienced drastic cuts over the recent period.
Similar to big production houses, traditional TV channels have struggled as the viewers has increasingly opted for digital platforms as an alternative.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that reliance on online services will carry on increasing.
