The Academy Awards Will Leave ABC and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start broadcasting solely on YouTube in 2029, marking the latest substantial change in the film industry.
The organization behind the Oscars declared the decision on Wednesday, confirming that it finalized a long-term agreement granting the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the event will be available as a free live stream on the digital platform.
It's a further substantial restructuring in Hollywood, which is navigating company buyouts and fusions, coupled with steep production cuts.
"The Academy is an worldwide body, and this collaboration will enable us to broaden reach to the activities of the Academy to the largest worldwide audience attainable - which will be beneficial for our film artists and the cinematic world," remarked the Academy's executives in a statement.
For many years, audience numbers of the awards show have dropped, even if there was a small rise in recent years, with a notable portion of youthful audiences tuning in from smartphones and desktops.
In a separate statement, the head of YouTube described the Oscars "among our vital pillars of culture" and noted that teaming up with the Academy would "motivate a younger cohort of creativity and film lovers while remaining faithful to the Oscars' storied legacy".
ABC, which has aired the ceremony since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will still host.
This decision follows major studios confront complex corporate battles. Such proposals were viewed as concerning for an sector that has witnessed drastic cuts over the recent period.
In common with major studios, cable networks have struggled as the viewers has shifted towards streaming services as an alternative.
YouTube winning broadcasting rights to the Academy Awards clearly signals that reliance on streaming sites will continue expanding.
