The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, representing the most recent significant change in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, confirming that it finalized a long-term agreement awarding the streaming service the exclusive global rights to the Oscars until 2033.
The Oscars, scheduled for 15 March, has been televised for five decades on the traditional network. Beginning in 2029, the ceremony will be available in real-time without charge on YouTube.
This is another major upheaval in Hollywood, which is dealing with company buyouts and fusions, along with drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this alliance will enable us to broaden reach to the activities of the Academy to the most extensive international crowd imaginable - which will be advantageous for our film artists and the cinematic world," remarked Academy leadership in a statement.
For many years, ratings of the awards show have dropped, although there was a minor increase in recent years, with a notable portion of younger viewers tuning in from cell phones and computers.
In a corresponding announcement, YouTube's CEO referred to the Oscars "a key essential cultural institutions" and added that working with the Academy would "spark a fresh wave of innovation and film lovers while staying true to the Oscars' storied heritage".
ABC, which has televised the awards since 1976, stated that it was excited "to the upcoming broadcasts" it will retain rights for.
This decision comes as film industry giants face complex corporate battles. Such proposals were seen as problematic for an industry that has experienced significant downsizing over the past several years.
Similar to major studios, traditional TV channels have struggled as the audience has chosen digital platforms instead.
The platform securing the license to the Academy Awards strongly indicates that dependence on online services will carry on increasing.
