The Oscars Will Leave ABC and Stream on YouTube Beginning in 2029.
The Oscars ceremony will commence streaming exclusively on YouTube in 2029, signaling the newest substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it entered into a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for 15 March, has aired for a half a century on the traditional network. Beginning in 2029, the show will be accessible live and for free on the digital platform.
It's another substantial shakeup in Hollywood, which is navigating company buyouts and fusions, along with steep production cuts.
"The Academy is an global institution, and this alliance will allow us to increase availability to the activities of the Academy to the biggest global viewership possible - which will be positive for our membership and the movie industry," stated Academy leadership in a statement.
Over decades, audience numbers of the ceremony have declined, though there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers tuning in from smartphones and computers.
In a related comment, YouTube's CEO referred to the Oscars "a key essential cultural touchstones" and added that teaming up with the Academy would "inspire a new generation of creativity and movie fans while remaining faithful to the Oscars' storied history".
The broadcast network, which has streamed the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
This decision follows film industry giants confront intricate takeover attempts. These potential deals were seen as problematic for an sector that has seen drastic cuts over the recent period.
Similar to big production houses, cable networks have encountered challenges as the audience has shifted towards on-demand video as an alternative.
YouTube obtaining broadcasting rights to the Academy Awards further suggests that reliance on digital platforms will carry on increasing.
