The Academy Awards Are Exiting ABC and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, representing the newest significant transformation in Hollywood.
The organization behind the Oscars declared the decision on this week, confirming that it entered into a extended contract granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, set for March 15th, has been televised for 50 years on ABC. Commencing in 2029, the event will be viewable as a free live stream on the digital platform.
It's a further significant restructuring in the entertainment world, which is navigating company buyouts and fusions, along with steep reductions in filming.
"The Academy is an worldwide body, and this partnership will allow us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the movie industry," said the Academy's executives in a statement.
For many years, viewership of the ceremony have dropped, even if there was a small rise in recent years, with a considerable amount of youthful audiences tuning in from smartphones and desktops.
In a separate statement, the head of YouTube referred to the Oscars "a key fundamental pillars of culture" and noted that teaming up with the Academy would "spark a younger cohort of artistic expression and movie fans while adhering to the Oscars' celebrated history".
ABC, which has aired the ceremony since the mid-1970s, commented that it was looking forward "to hosting the event three more times" it will retain rights for.
The move follows film industry giants face challenging merger discussions. Such proposals were considered concerning for an industry that has witnessed significant downsizing over the last few years.
Similar to major studios, cable networks have encountered challenges as the audience has increasingly opted for streaming services instead.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that dependence on online services will carry on expanding.
