The Oscars ceremony will commence broadcasting solely on YouTube in 2029, signaling the newest substantial transformation in Hollywood.
The organization behind the Oscars revealed the news on this week, confirming that it signed a long-term agreement granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for March 15th, has aired for five decades on ABC. Commencing in 2029, the ceremony will be accessible as a free live stream on YouTube.
This is one more major shakeup in Hollywood, which is grappling with studio sales and mergers, coupled with severe production cuts.
"Our Academy represents an global institution, and this collaboration will permit us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be advantageous for our membership and the film community," remarked organization heads in a statement.
For many years, viewership of the televised event have declined, although there was a small rise in recent years, with a significant number of youthful audiences streaming from smartphones and laptops.
In a corresponding announcement, the head of YouTube called the Oscars "one of our fundamental cultural institutions" and said that working with the Academy would "motivate a fresh wave of creativity and movie fans while staying true to the Oscars' illustrious history".
The broadcast network, which has televised the awards since 1976, said that it was excited "to the next three telecasts" it will continue to air.
This shift comes as film industry giants deal with complex corporate battles. Such proposals were considered problematic for an sector that has experienced drastic cuts over the recent period.
In common with major studios, cable networks have faced issues as the public has chosen digital platforms instead.
YouTube obtaining the license to the Oscars strongly indicates that dependence on streaming sites will carry on increasing.
