The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will begin broadcasting solely on YouTube in the year 2029, representing the latest substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it entered into a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has aired for a half a century on the traditional network. Commencing in 2029, the ceremony will be accessible in real-time without charge on the digital platform.
This is one more major upheaval in Hollywood, which is grappling with studio sales and mergers, in addition to drastic reductions in filming.
"The Academy is an global institution, and this alliance will allow us to expand access to the work of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the film community," stated Academy leadership in a release.
For many years, viewership of the ceremony have dropped, though there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers watching from cell phones and computers.
In a separate statement, the head of YouTube described the Oscars "a key fundamental pillars of culture" and said that partnering with the Academy would "inspire a fresh wave of artistic expression and movie fans while adhering to the Oscars' storied heritage".
ABC, which has televised the ceremony since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
This shift comes as film industry giants deal with intricate takeover attempts. Such proposals were considered problematic for an industry that has experienced drastic cuts over the past several years.
Like big production houses, cable networks have encountered challenges as the viewers has increasingly opted for on-demand video instead.
The platform securing the license to the Oscars clearly signals that reliance on streaming sites will persist increasing.
