The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in the year 2029, representing the newest significant change in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, indicating that it finalized a extended contract awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for March 15th, has aired for a half a century on the traditional network. Commencing in 2029, the show will be available as a free live stream on the digital platform.
It's one more significant upheaval in Hollywood, which is dealing with studio sales and mergers, in addition to steep reductions in filming.
"Our Academy represents an worldwide body, and this alliance will enable us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be beneficial for our Academy members and the film community," said the Academy's executives in a statement.
Throughout a long period, audience numbers of the ceremony have dropped, even if there was a small rise in recent years, with a considerable amount of younger viewers tuning in from smartphones and desktops.
In a separate statement, the head of YouTube called the Oscars "one of our vital cultural institutions" and added that working with the Academy would "inspire a new generation of creativity and film lovers while remaining faithful to the Oscars' storied legacy".
ABC, which has streamed the awards since 1976, commented that it was looking forward "to hosting the event three more times" it will continue to air.
This decision follows large entertainment companies deal with challenging merger discussions. These potential deals were seen as unfavourable for an sector that has witnessed severe reductions over the past several years.
Like major studios, cable networks have encountered challenges as the viewers has increasingly opted for on-demand video as an alternative.
The platform securing broadcasting rights to the Academy Awards clearly signals that the dominance of online services will carry on to grow.
