The Oscars to Depart ABC and Broadcast Live 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 Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it finalized a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been televised for a half a century on ABC. Beginning in 2029, the ceremony will be available as a free live stream on the digital platform.
It's another substantial restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, along with steep production cuts.
"Our Academy represents an global institution, and this partnership will allow us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the film community," stated Academy leadership in a statement.
For many years, audience numbers of the televised event have dropped, although there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and desktops.
In a separate statement, the video platform's chief executive called the Oscars "among our fundamental cultural touchstones" and noted that working with the Academy would "motivate a younger cohort of creativity and movie fans while adhering to the Oscars' storied heritage".
ABC, which has streamed the awards since 1976, said that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This decision comes as film industry giants face intricate takeover attempts. These potential deals were considered unfavourable for an sector that has seen severe reductions over the last few years.
In common with big production houses, traditional TV channels have faced issues as the viewers has chosen digital platforms as an alternative.
YouTube obtaining rights to the Academy Awards clearly signals that reliance on online services will continue expanding.
