The Academy Awards to Depart ABC and Stream on YouTube Beginning in the Year 2029.
The Oscars ceremony will commence airing only on YouTube in 2029, marking the newest substantial shift in Hollywood.
The organization behind the Oscars revealed the news on this week, stating that it signed a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, set for March 15th, has aired for five decades on the traditional network. Beginning in 2029, the event will be available in real-time without charge on YouTube.
It's another major upheaval in Hollywood, which is navigating studio sales and mergers, in addition to severe reductions in filming.
"Our Academy represents an global institution, and this collaboration will enable us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be beneficial for our film artists and the movie industry," said organization heads in a release.
Over decades, audience numbers of the ceremony have dropped, even if there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.
In a corresponding announcement, the video platform's chief executive called the Oscars "among our vital pillars of culture" and added that teaming up with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied history".
The broadcast network, which has televised the ceremony since 1976, stated that it was eagerly anticipating "to the next three telecasts" it will still host.
This shift comes as film industry giants confront complex corporate battles. Such proposals were considered concerning for an industry that has witnessed significant downsizing over the recent period.
In common with big production houses, traditional TV channels have encountered challenges as the viewers has shifted towards digital platforms as an alternative.
The platform securing rights to the Academy Awards further suggests that dependence on streaming sites will continue to grow.