The Academy Awards Will Leave ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in the year 2029, signaling the latest significant shift in the film industry.
The organization behind the Oscars revealed the news on this week, confirming that it finalized a multi-year deal granting YouTube the unique international license to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been televised for five decades on the traditional network. Commencing in 2029, the event will be viewable in real-time without charge on the digital platform.
It's one more significant restructuring in Hollywood, which is dealing with company buyouts and fusions, in addition to drastic reductions in filming.
"The Academy is an worldwide body, and this collaboration will permit us to broaden reach to the mission of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the film community," remarked Academy leadership in a announcement.
Throughout a long period, viewership of the awards show have declined, although there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers watching from cell phones and computers.
In a separate statement, YouTube's CEO referred to the Oscars "one of our vital cultural touchstones" and said that teaming up with the Academy would "spark a new generation of artistic expression and film lovers while remaining faithful to the Oscars' storied heritage".
The broadcast network, which has aired the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move comes as film industry giants deal with challenging merger discussions. Such proposals were seen as unfavourable for an sector that has seen significant downsizing over the past several years.
Like major studios, traditional TV channels have faced issues as the audience has shifted towards streaming services instead.
YouTube winning the license to the Academy Awards further suggests that dependence on digital platforms will carry on increasing.
