The Academy Awards Will Leave ABC and Stream on YouTube Starting in 2029.
The Academy Awards are set to start broadcasting solely on YouTube in the year 2029, signaling the most recent major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it entered into a long-term agreement awarding YouTube the unique international license to the Oscars up to 2033.
The awards show, set for 15 March, has been broadcast for 50 years on ABC. Beginning in 2029, the event will be accessible live and for free on the digital platform.
It's another substantial shakeup in Hollywood, which is dealing with company buyouts and fusions, in addition to drastic reductions in filming.
"Our Academy represents an worldwide body, and this partnership will permit us to increase availability to the mission of the Academy to the largest worldwide audience attainable - which will be beneficial for our Academy members and the film community," said organization heads in a announcement.
Throughout a long period, viewership of the ceremony have declined, even if there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from smartphones and desktops.
In a separate statement, the head of YouTube described the Oscars "one of our essential cultural institutions" and added that partnering with the Academy would "inspire a new generation of innovation and movie fans while adhering to the Oscars' storied heritage".
ABC, which has streamed the awards since 1976, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
This shift coincides with major studios deal with complex corporate battles. Such proposals were viewed as concerning for an business that has seen drastic cuts over the last few years.
Like big production houses, cable networks have encountered challenges as the audience has shifted towards streaming services instead.
YouTube winning the license to the Academy Awards further suggests that reliance on streaming sites will continue increasing.
