The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, signaling the most recent major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it entered into a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been broadcast for a half a century on ABC. Beginning in 2029, the ceremony will be accessible live and for free on YouTube.
This is another substantial upheaval in Hollywood, which is grappling with studio sales and mergers, in addition to drastic slashes to movie budgets.
"The Academy is an global institution, and this alliance will enable us to increase availability to the work of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the cinematic world," stated Academy leadership in a release.
Over decades, audience numbers of the televised event have fallen, though there was a slight uptick in recent years, with a notable portion of younger viewers streaming from smartphones and computers.
In a related comment, YouTube's CEO described the Oscars "one of our fundamental cultural institutions" and added that teaming up with the Academy would "spark a younger cohort of artistic expression and movie fans while staying true to the Oscars' storied legacy".
The broadcast network, which has aired the awards since the mid-1970s, said that it was excited "to the next three telecasts" it will continue to air.
This decision coincides with large entertainment companies confront complex corporate battles. Both options were seen as concerning for an sector that has experienced significant downsizing over the recent period.
In common with big production houses, traditional TV channels have struggled as the public has shifted towards digital platforms instead.
The platform securing rights to the Oscars further suggests that the dominance of digital platforms will carry on to grow.