The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, representing the newest significant transformation in the film industry.
The organization behind the Oscars declared the decision on Wednesday, indicating that it finalized a long-term agreement giving YouTube the unique international license to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been televised for five decades on the traditional network. Commencing in 2029, the show will be available as a free live stream on the digital platform.
This is another substantial shakeup in Hollywood, which is navigating company buyouts and fusions, in addition to severe slashes to movie budgets.
"The Academy is an global institution, and this partnership will permit us to increase availability to the activities of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the film community," stated organization heads in a announcement.
For many years, audience numbers of the awards show have declined, even if there was a minor increase in recent years, with a significant number of younger viewers tuning in from smartphones and laptops.
In a separate statement, the head of YouTube called the Oscars "among our fundamental cultural institutions" and said that partnering with the Academy would "spark a new generation of innovation and movie fans while adhering to the Oscars' celebrated heritage".
ABC, which has streamed the awards since 1976, said that it was excited "to hosting the event three more times" it will still host.
The move follows major studios deal with complex corporate battles. Such proposals were considered concerning for an industry that has seen drastic cuts over the past several years.
Similar to big production houses, traditional TV channels have faced issues as the public has chosen digital platforms as an alternative.
YouTube obtaining broadcasting rights to the Academy Awards clearly signals that dependence on digital platforms will continue to grow.
