The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, marking the most recent substantial transformation in the film industry.
The organization behind the Oscars declared the decision on this week, stating that it entered into a extended contract giving YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has aired for a half a century on ABC. Commencing in 2029, the show will be viewable in real-time without charge on the digital platform.
This is one more major upheaval in the entertainment world, which is dealing with company buyouts and fusions, along with drastic production cuts.
"The Academy is an international organization, and this collaboration will enable us to increase availability to the mission of the Academy to the most extensive international crowd imaginable - which will be positive for our film artists and the cinematic world," remarked Academy leadership in a announcement.
For many years, audience numbers of the ceremony have fallen, although there was a small rise in recent years, with a considerable amount of younger viewers tuning in from mobile devices and computers.
In a separate statement, the video platform's chief executive called the Oscars "a key fundamental cultural institutions" and said that working with the Academy would "motivate a younger cohort of artistic expression and film lovers while adhering to the Oscars' celebrated legacy".
ABC, which has streamed the ceremony since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will still host.
The move comes as film industry giants deal with complex corporate battles. Such proposals were viewed as problematic for an business that has seen significant downsizing over the recent period.
In common with big production houses, traditional TV channels have faced issues as the public has chosen streaming services instead.
YouTube winning rights to the Academy Awards clearly signals that the dominance of digital platforms will carry on to grow.
