The Academy Awards Are Exiting ABC and Stream on YouTube Beginning in the Year 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in 2029, signaling the latest significant transformation in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, confirming that it entered into a multi-year deal giving the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has aired for 50 years on the traditional network. Starting in 2029, the event will be accessible in real-time without charge on YouTube.
It's one more significant restructuring in Hollywood, which is dealing with studio sales and mergers, along with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will permit us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be advantageous for our membership and the cinematic world," remarked Academy leadership in a statement.
Throughout a long period, audience numbers of the awards show have fallen, though there was a minor increase in recent years, with a notable portion of youthful audiences tuning in from cell phones and desktops.
In a separate statement, the head of YouTube described the Oscars "among our fundamental pillars of culture" and said that partnering with the Academy would "motivate a fresh wave of innovation and movie fans while remaining faithful to the Oscars' storied history".
The broadcast network, which has aired the ceremony since 1976, commented that it was looking forward "to the next three telecasts" it will retain rights for.
This shift follows large entertainment companies confront challenging merger discussions. Such proposals were seen as concerning for an sector that has seen severe reductions over the past several years.
In common with big production houses, traditional TV channels have struggled as the audience has shifted towards digital platforms as an alternative.
YouTube winning broadcasting rights to the Academy Awards further suggests that dependence on streaming sites will continue expanding.
