The Oscars Are Exiting ABC and Stream on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, signaling the latest substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a multi-year deal granting YouTube the unique international license to the Oscars through 2033.
The Oscars, set for 15 March, has been broadcast for 50 years on ABC. Commencing in 2029, the ceremony will be viewable live and for free on the digital platform.
It's another substantial restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with steep production cuts.
"Our Academy represents an international organization, and this collaboration will allow us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be positive for our film artists and the cinematic world," said Academy leadership in a announcement.
Throughout a long period, ratings of the awards show have fallen, 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 separate statement, the head of YouTube called the Oscars "among our fundamental pillars of culture" and said that partnering with the Academy would "motivate a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has streamed the ceremony since 1976, commented that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This shift coincides with film industry giants face challenging merger discussions. Such proposals were viewed as unfavourable for an sector that has witnessed significant downsizing over the recent period.
In common with big production houses, traditional TV channels have encountered challenges as the public has increasingly opted for on-demand video instead.
YouTube obtaining broadcasting rights to the Academy Awards clearly signals that dependence on digital platforms will continue increasing.
