The Academy Awards Will Leave ABC and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in the year 2029, marking the most recent substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it signed a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on ABC. Starting in 2029, the show will be accessible live and for free on YouTube.
This is a further substantial shakeup in the entertainment world, which is dealing with corporate acquisitions and consolidations, in addition to steep reductions in filming.
"Our Academy represents an global institution, and this alliance will allow 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 movie industry," said the Academy's executives in a statement.
Over decades, viewership of the televised event have dropped, though there was a slight uptick in recent years, with a notable portion of younger viewers tuning in from mobile devices and computers.
In a related comment, the video platform's chief executive referred to the Oscars "one of our essential cultural institutions" and added that teaming up with the Academy would "inspire a younger cohort of creativity and cinema enthusiasts while staying true to the Oscars' illustrious legacy".
The broadcast network, which has streamed the ceremony since 1976, said that it was excited "to the next three telecasts" it will continue to air.
This decision coincides with major studios deal with intricate takeover attempts. Both options were viewed as unfavourable for an industry that has experienced significant downsizing over the past several years.
Like big production houses, traditional TV channels have encountered challenges as the public has chosen streaming services as an alternative.
The platform securing broadcasting rights to the Oscars strongly indicates that reliance on online services will persist to grow.
