The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will commence airing only on YouTube in the year 2029, representing the most recent significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it signed a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has aired for 50 years on ABC. Beginning in 2029, the ceremony will be viewable as a free live stream on YouTube.
This is one more major restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with steep slashes to movie budgets.
"Our Academy represents an global institution, and this partnership will enable us to increase availability to the activities of the Academy to the largest worldwide audience possible - which will be advantageous for our Academy members and the movie industry," stated the Academy's executives in a announcement.
Over decades, audience numbers of the awards show have dropped, although there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers streaming from smartphones and desktops.
In a separate statement, YouTube's CEO called the Oscars "one of our vital cultural touchstones" and noted that partnering with the Academy would "spark a younger cohort of innovation and film lovers while staying true to the Oscars' storied history".
ABC, which has streamed the ceremony since 1976, commented that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move comes as large entertainment companies confront challenging merger discussions. These potential deals were considered problematic for an industry that has witnessed drastic cuts over the recent period.
Similar to major studios, traditional TV channels have struggled as the public has increasingly opted for on-demand video as an alternative.
YouTube obtaining the license to the Academy Awards clearly signals that dependence on streaming sites will persist increasing.
