The Oscars to Depart ABC and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in the year 2029, representing the latest substantial shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it finalized a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, set for March 15th, has been televised for a half a century on the traditional network. Commencing in 2029, the event will be accessible as a free live stream on the digital platform.
This is one more major shakeup in Hollywood, which is dealing with studio sales and mergers, coupled with severe reductions in filming.
"Our Academy represents an worldwide body, and this alliance will enable us to broaden reach to the work of the Academy to the biggest global viewership possible - which will be advantageous for our film artists and the cinematic world," remarked the Academy's executives in a announcement.
Over decades, viewership of the ceremony have dropped, even if there was a slight uptick in recent years, with a notable portion of younger viewers watching from smartphones and computers.
In a separate statement, the video platform's chief executive described the Oscars "a key essential cultural touchstones" and said that partnering with the Academy would "spark a younger cohort of innovation and movie fans while staying true to the Oscars' illustrious heritage".
ABC, which has streamed the awards since 1976, stated that it was looking forward "to the next three telecasts" it will still host.
This shift coincides with film industry giants confront intricate takeover attempts. Both options were viewed as concerning for an industry that has experienced drastic cuts over the last few years.
In common with big production houses, traditional TV channels have faced issues as the public has shifted towards on-demand video as an alternative.
The platform securing broadcasting rights to the Oscars clearly signals that dependence on online services will persist increasing.
