The Oscars Are Exiting ABC and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in 2029, representing the latest major transformation in Hollywood.
The organization behind the Oscars declared the decision on this week, stating that it finalized a multi-year deal granting the streaming service the unique international license to the Oscars through 2033.
The awards show, which is planned for March 15th, has been broadcast for 50 years on the traditional network. Commencing in 2029, the event will be viewable live and for free on the digital platform.
This is another major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with steep production cuts.
"Our Academy represents an worldwide body, and this collaboration will permit us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the movie industry," stated Academy leadership in a release.
For many years, audience numbers of the televised event have declined, even if there was a slight uptick in recent years, with a notable portion of youthful audiences watching from smartphones and laptops.
In a corresponding announcement, the video platform's chief executive called the Oscars "one of our fundamental cultural touchstones" and noted that working with the Academy would "spark a fresh wave of artistic expression and film lovers while adhering to the Oscars' storied history".
The broadcast network, which has televised the awards since 1976, commented that it was excited "to the next three telecasts" it will still host.
The move follows major studios confront challenging merger discussions. Both options were viewed as unfavourable for an sector that has witnessed severe reductions over the last few years.
Like big production houses, cable networks have faced issues as the audience has increasingly opted for streaming services as an alternative.
YouTube obtaining rights to the Academy Awards clearly signals that dependence on online services will persist increasing.
