The Oscars to Depart ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in 2029, signaling the newest major shift in the film industry.
The organization behind the Oscars made the announcement on Wednesday, stating that it entered into a multi-year deal giving YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has been televised for 50 years on ABC. Starting in 2029, the ceremony will be viewable in real-time without charge on YouTube.
This is another major restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe slashes to movie budgets.
"Our Academy represents an global institution, and this partnership will permit us to broaden reach to the work of the Academy to the most extensive international crowd possible - which will be beneficial for our film artists and the cinematic world," remarked Academy leadership in a announcement.
For many years, audience numbers of the ceremony have fallen, although there was a small rise in recent years, with a considerable amount of youthful audiences tuning in from smartphones and desktops.
In a related comment, YouTube's CEO called the Oscars "among our essential pillars of culture" and said that partnering with the Academy would "inspire a fresh wave of creativity and movie fans while staying true to the Oscars' storied history".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was looking forward "to the next three telecasts" it will retain rights for.
This decision follows major studios face intricate takeover attempts. These potential deals were considered unfavourable for an industry that has seen drastic cuts over the past several years.
In common with major studios, traditional TV channels have encountered challenges as the public has shifted towards on-demand video as an alternative.
YouTube obtaining the license to the Academy Awards further suggests that reliance on digital platforms will carry on to grow.
