The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in 2029.
The Academy Awards are set to start broadcasting solely on YouTube in the year 2029, marking the most recent substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it finalized a multi-year deal awarding the streaming service the unique international license to the Oscars up to 2033.
The awards show, set for 15 March, has been broadcast for five decades on ABC. Beginning in 2029, the event will be viewable live and for free on YouTube.
It's one more significant upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, along with drastic reductions in filming.
"Our Academy represents an global institution, and this partnership will enable us to broaden reach to the mission of the Academy to the biggest global viewership imaginable - which will be advantageous for our Academy members and the cinematic world," remarked organization heads in a statement.
Throughout a long period, ratings of the ceremony have declined, although there was a minor increase in recent years, with a notable portion of youthful audiences tuning in from mobile devices and desktops.
In a separate statement, YouTube's CEO described the Oscars "one of our essential cultural touchstones" and added that working with the Academy would "spark a new generation of creativity and movie fans while adhering to the Oscars' storied legacy".
The broadcast network, which has televised the awards since 1976, stated that it was excited "to hosting the event three more times" it will still host.
This decision follows film industry giants confront intricate takeover attempts. Such proposals were seen as unfavourable for an industry that has experienced severe reductions over the last few years.
Similar to big production houses, traditional TV channels have struggled as the viewers has shifted towards on-demand video instead.
The platform securing rights to the Oscars strongly indicates that dependence on digital platforms will persist expanding.
