The Academy Awards Are Exiting ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony are set to start airing only on the global video platform in 2029, signaling the latest substantial change in Hollywood.
The organization behind the Oscars made the announcement on this week, indicating that it finalized a long-term agreement granting YouTube the exclusive global rights to the Oscars until 2033.
The Oscars, set for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the event will be viewable in real-time without charge on the digital platform.
It's another substantial upheaval in Hollywood, which is navigating company buyouts and fusions, along with steep reductions in filming.
"Our Academy represents an international organization, and this partnership will permit us to broaden reach to the work of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the movie industry," remarked organization heads in a release.
Throughout a long period, viewership of the ceremony have fallen, even if there was a minor increase in recent years, with a considerable amount of youthful audiences tuning in from cell phones and desktops.
In a separate statement, the head of YouTube described the Oscars "among our vital cultural touchstones" and said that teaming up with the Academy would "motivate a fresh wave of artistic expression and film lovers while adhering to the Oscars' illustrious history".
ABC, which has televised the awards since 1976, commented that it was excited "to the next three telecasts" it will continue to air.
This shift follows large entertainment companies confront challenging merger discussions. Such proposals were viewed as unfavourable for an industry that has seen severe reductions over the last few years.
In common with major studios, traditional TV channels have faced issues as the public has chosen digital platforms instead.
YouTube winning rights to the Oscars strongly indicates that dependence on streaming sites will carry on to grow.
