The Oscars ceremony are set to start broadcasting solely on the global video platform in 2029, signaling the most recent significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it entered into a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for 50 years on ABC. Commencing in 2029, the event will be accessible live and for free on YouTube.
It's one more significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, along with drastic slashes to movie budgets.
"The Academy is an international organization, and this collaboration will enable us to broaden reach to the activities of the Academy to the largest worldwide audience possible - which will be advantageous for our membership and the film community," remarked the Academy's executives in a statement.
Over decades, ratings of the ceremony have fallen, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and desktops.
In a separate statement, YouTube's CEO referred to the Oscars "a key fundamental cultural institutions" and said that partnering with the Academy would "spark a new generation of creativity and movie fans while adhering to the Oscars' illustrious legacy".
ABC, which has televised the ceremony since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This decision coincides with large entertainment companies face complex corporate battles. Such proposals were considered problematic for an business that has experienced severe reductions over the past several years.
In common with major studios, traditional TV channels have faced issues as the audience has increasingly opted for on-demand video as an alternative.
The platform securing broadcasting rights to the Oscars further suggests that dependence on streaming sites will carry on to grow.
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