The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, representing the newest substantial change in the film industry.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a long-term agreement awarding YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for March 15th, has been televised for a half a century on ABC. Commencing in 2029, the show will be accessible as a free live stream on YouTube.
It's a further substantial restructuring in Hollywood, which is navigating company buyouts and fusions, coupled 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 most extensive international crowd possible - which will be beneficial for our Academy members and the cinematic world," said organization heads in a release.
For many years, audience numbers of the awards show have declined, though there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and laptops.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our fundamental pillars of culture" and noted that partnering with the Academy would "motivate a younger cohort of innovation and movie fans while staying true to the Oscars' celebrated heritage".
ABC, which has streamed the awards since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move comes as film industry giants confront intricate takeover attempts. Both options were viewed as problematic for an industry that has seen significant downsizing over the recent period.
Like big production houses, traditional TV channels have struggled as the audience has increasingly opted for on-demand video instead.
YouTube obtaining rights to the Academy Awards strongly indicates that dependence on streaming sites will continue to grow.
