The Academy Awards Will Leave ABC and Stream on YouTube Beginning in the Year 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, representing the newest substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it signed a extended contract awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for March 15th, has been televised for 50 years on ABC. Starting in 2029, the event will be viewable in real-time without charge on the digital platform.
It's another major upheaval in the entertainment world, which is dealing with company buyouts and fusions, in addition to steep slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will enable us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be advantageous for our film artists and the cinematic world," remarked organization heads in a release.
Throughout a long period, audience numbers of the televised event have fallen, although there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers watching from cell phones and desktops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "among our essential cultural institutions" and noted that partnering with the Academy would "inspire a new generation of creativity and film lovers while staying true to the Oscars' illustrious legacy".
The broadcast network, which has aired the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will still host.
The move follows large entertainment companies face challenging merger discussions. Such proposals were considered problematic for an business that has seen severe reductions over the last few years.
Similar to major studios, cable networks have struggled as the viewers has increasingly opted for streaming services instead.
YouTube winning rights to the Academy Awards clearly signals that reliance on digital platforms will continue expanding.
