The Oscars Will Leave ABC and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, representing the newest significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, stating that it entered into a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been broadcast for 50 years on the traditional network. Commencing in 2029, the show will be available in real-time without charge on YouTube.
It's a further significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with steep production cuts.
"The Academy is an international organization, and this alliance will permit us to broaden reach to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the cinematic world," remarked the Academy's executives in a statement.
Over decades, audience numbers of the awards show have fallen, even if there was a small rise in recent years, with a significant number of youthful audiences streaming from cell phones and laptops.
In a related comment, the head of YouTube described the Oscars "a key essential cultural touchstones" and added that teaming up with the Academy would "spark a younger cohort of creativity and film lovers while remaining faithful to the Oscars' celebrated history".
ABC, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This shift comes as major studios confront complex corporate battles. Such proposals were viewed as concerning for an business that has experienced drastic cuts over the recent period.
Like big production houses, cable networks have faced issues as the viewers has chosen streaming services instead.
YouTube winning broadcasting rights to the Academy Awards further suggests that reliance on online services will continue increasing.
