The Oscars ceremony will begin broadcasting solely on the global video platform in 2029, signaling the most recent significant change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it entered into a extended contract awarding the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for five decades on ABC. Beginning in 2029, the show will be viewable as a free live stream on YouTube.
It's another substantial upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with severe reductions in filming.
"The Academy is an international organization, and this partnership will permit us to expand access to the activities of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the cinematic world," said organization heads in a announcement.
Throughout a long period, ratings of the ceremony have fallen, although there was a slight uptick in recent years, with a notable portion of youthful audiences tuning in from mobile devices and desktops.
In a related comment, the video platform's chief executive referred to the Oscars "a key essential cultural touchstones" and added that working with the Academy would "inspire a new generation of innovation and movie fans while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has aired the awards since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision follows large entertainment companies confront intricate takeover attempts. These potential deals were considered problematic for an sector that has seen significant downsizing over the last few years.
Similar to big production houses, traditional TV channels have faced issues as the public has shifted towards streaming services instead.
The platform securing rights to the Academy Awards clearly signals that dependence on digital platforms will persist increasing.
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