The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, representing the latest substantial transformation in Hollywood.
The organization behind the Oscars declared the decision on this week, stating that it entered into a multi-year deal giving YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has been televised for five decades on the traditional network. Beginning in 2029, the ceremony will be viewable as a free live stream on the digital platform.
It's a further substantial upheaval in the entertainment world, which is dealing with company buyouts and fusions, along with drastic slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will enable us to increase availability to the work of the Academy to the biggest global viewership imaginable - which will be beneficial for our membership and the movie industry," stated organization heads in a release.
Over decades, ratings of the ceremony have dropped, though there was a slight uptick in recent years, with a considerable amount of youthful audiences streaming from cell phones and desktops.
In a separate statement, YouTube's CEO referred to the Oscars "one of our vital pillars of culture" and noted that partnering with the Academy would "motivate a new generation of artistic expression and movie fans while staying true to the Oscars' storied legacy".
The broadcast network, which has streamed the awards since the mid-1970s, commented that it was excited "to the next three telecasts" it will still host.
The move coincides with large entertainment companies deal with challenging merger discussions. Both options were seen as problematic for an business that has witnessed significant downsizing over the past several years.
Like big production houses, traditional TV channels have faced issues as the viewers has shifted towards streaming services instead.
YouTube winning rights to the Academy Awards clearly signals that dependence on online services will persist increasing.
