The Academy Awards to Depart ABC and Stream on the Video Platform Beginning in 2029.
The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, signaling the most recent substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it entered into a extended contract granting YouTube the unique international license to the Oscars through 2033.
The Oscars, set for 15 March, has been broadcast for 50 years on ABC. Beginning in 2029, the ceremony will be available in real-time without charge on the digital platform.
This is one more significant shakeup in Hollywood, which is dealing with company buyouts and fusions, coupled with steep slashes to movie budgets.
"The Academy is an global institution, and this alliance will allow us to broaden reach to the work of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the cinematic world," said Academy leadership in a announcement.
Over decades, audience numbers of the televised event have dropped, though there was a minor increase in recent years, with a significant number of younger viewers tuning in from mobile devices and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "a key vital pillars of culture" and added that partnering with the Academy would "motivate a fresh wave of creativity and movie fans while adhering to the Oscars' storied heritage".
The broadcast network, which has televised the awards since 1976, said that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This shift coincides with major studios face complex corporate battles. Both options were viewed as concerning for an sector that has experienced severe reductions over the recent period.
In common with big production houses, traditional TV channels have struggled as the audience has increasingly opted for on-demand video instead.
The platform securing rights to the Oscars clearly signals that reliance on digital platforms will carry on to grow.
