The Academy Awards to Depart ABC and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will commence broadcasting solely on the global video platform in the year 2029, signaling the newest substantial transformation in the film industry.
The organization behind the Oscars made the announcement on this week, indicating that it signed a long-term agreement granting YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, set for March 15th, has been broadcast for 50 years on the traditional network. Starting in 2029, the show will be accessible as a free live stream on YouTube.
It's one more major restructuring in Hollywood, which is dealing with studio sales and mergers, in addition to severe reductions in filming.
"The Academy is an global institution, and this partnership will allow us to expand access to the work of the Academy to the largest worldwide audience attainable - which will be positive for our membership and the film community," remarked organization heads in a announcement.
For many years, viewership of the ceremony have declined, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our essential pillars of culture" and said that teaming up with the Academy would "motivate a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied heritage".
ABC, which has televised the awards since the mid-1970s, said that it was excited "to the next three telecasts" it will continue to air.
This shift follows major studios deal with complex corporate battles. Both options were seen as concerning for an sector that has witnessed drastic cuts over the recent period.
Like major studios, cable networks have faced issues as the audience has shifted towards digital platforms instead.
The platform securing the license to the Oscars further suggests that the dominance of streaming sites will continue expanding.
