The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on the global video platform in the year 2029, representing the latest major shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it entered into a extended contract giving YouTube the exclusive global rights to the Oscars until 2033.
The awards show, set for 15 March, has aired for a half a century on ABC. Beginning in 2029, the event will be viewable live and for free on the digital platform.
This is one more major shakeup in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to steep reductions in filming.
"The Academy is an worldwide body, and this partnership will permit us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be positive for our Academy members and the film community," remarked organization heads in a release.
Throughout a long period, audience numbers of the awards show have declined, even if there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and computers.
In a related comment, the video platform's chief executive referred to the Oscars "one of our essential cultural institutions" and noted that working with the Academy would "inspire a fresh wave of artistic expression and movie fans while adhering to the Oscars' storied legacy".
ABC, which has televised the awards since 1976, stated that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This shift comes as major studios deal with challenging merger discussions. Both options were viewed as concerning for an business that has seen severe reductions over the past several years.
Similar to big production houses, traditional TV channels have struggled as the audience has shifted towards on-demand video instead.
YouTube winning broadcasting rights to the Oscars further suggests that the dominance of streaming sites will carry on increasing.
