The Oscars to Depart ABC and Stream on the Video Platform Starting in 2029.
The Academy Awards will commence airing only on the global video platform in 2029, representing the latest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, indicating that it finalized a extended contract granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has been televised for a half a century on the traditional network. Starting in 2029, the event will be viewable live and for free on YouTube.
It's another substantial shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"The Academy is an international organization, and this alliance will permit us to increase availability to the work of the Academy to the largest worldwide audience attainable - which will be advantageous for our membership and the movie industry," stated Academy leadership in a announcement.
Throughout a long period, viewership of the ceremony have declined, although there was a slight uptick in recent years, with a significant number of younger viewers streaming from smartphones and desktops.
In a separate statement, the head of YouTube referred to the Oscars "a key vital pillars of culture" and said that partnering with the Academy would "inspire a fresh wave of innovation and cinema enthusiasts while staying true to the Oscars' illustrious legacy".
The broadcast network, which has streamed the ceremony since 1976, stated that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move comes as film industry giants face complex corporate battles. Both options were considered concerning for an industry that has experienced significant downsizing over the last few years.
Similar to big production houses, cable networks have struggled as the audience has increasingly opted for digital platforms as an alternative.
The platform securing rights to the Academy Awards strongly indicates that reliance on streaming sites will carry on to grow.
