The Academy Awards Are Exiting ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, signaling the newest significant change in the film industry.
The organization behind the Oscars made the announcement on Wednesday, stating that it signed a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been broadcast for 50 years on the traditional network. Beginning in 2029, the show will be viewable live and for free on YouTube.
This is one more substantial restructuring in Hollywood, which is grappling with studio sales and mergers, coupled with severe reductions in filming.
"The Academy is an international organization, and this partnership will permit us to broaden reach to the mission of the Academy to the largest worldwide audience possible - which will be advantageous for our film artists and the cinematic world," remarked the Academy's executives in a announcement.
For many years, audience numbers of the awards show have fallen, although there was a minor increase in recent years, with a considerable amount of younger viewers streaming from smartphones and computers.
In a related comment, the video platform's chief executive referred to the Oscars "a key fundamental cultural touchstones" and added that working with the Academy would "motivate a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has streamed the awards since the mid-1970s, said that it was looking forward "to the next three telecasts" it will still host.
The move follows large entertainment companies face complex corporate battles. These potential deals were viewed as concerning for an industry that has witnessed significant downsizing over the last few years.
In common with big production houses, cable networks have faced issues as the viewers has chosen digital platforms instead.
YouTube winning the license to the Academy Awards clearly signals that dependence on streaming sites will persist expanding.
