The Oscars to Depart ABC and Stream on YouTube Starting in 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in 2029, signaling the latest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has been televised for a half a century on ABC. Beginning in 2029, the show will be viewable as a free live stream on YouTube.
It's a further major shakeup in the entertainment world, which is dealing with company buyouts and fusions, coupled with drastic production cuts.
"The Academy is an worldwide body, and this partnership will allow us to broaden reach to the activities of the Academy to the most extensive international crowd possible - which will be positive for our membership and the movie industry," remarked the Academy's executives in a announcement.
Throughout a long period, ratings of the awards show have fallen, even if there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from cell phones and laptops.
In a separate statement, the video platform's chief executive described the Oscars "one of our essential cultural touchstones" and added that teaming up with the Academy would "inspire a new generation of artistic expression and film lovers while adhering to the Oscars' illustrious legacy".
ABC, which has aired the ceremony since 1976, said that it was looking forward "to hosting the event three more times" it will still host.
This decision coincides with film industry giants face challenging merger discussions. Such proposals were seen as unfavourable for an sector that has witnessed severe reductions over the past several years.
Similar to big production houses, cable networks have faced issues as the viewers has increasingly opted for digital platforms instead.
YouTube winning broadcasting rights to the Academy Awards clearly signals that dependence on online services will carry on expanding.
