The Oscars to Depart ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, marking the latest substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it signed a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, scheduled for 15 March, has been broadcast for a half a century on ABC. Commencing in 2029, the ceremony will be available as a free live stream on YouTube.
It's another substantial upheaval in Hollywood, which is navigating studio sales and mergers, along with severe production cuts.
"The Academy is an worldwide body, and this partnership will permit us to increase availability to the activities of the Academy to the most extensive international crowd attainable - which will be advantageous for our Academy members and the film community," remarked Academy leadership in a release.
For many years, viewership of the awards show have fallen, though there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers watching from mobile devices and laptops.
In a related comment, the video platform's chief executive called the Oscars "one of our fundamental cultural touchstones" and noted that teaming up with the Academy would "motivate a younger cohort of creativity and movie fans while adhering to the Oscars' celebrated legacy".
ABC, which has streamed the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will continue to air.
The move comes as large entertainment companies deal with complex corporate battles. Both options were considered concerning for an industry that has witnessed significant downsizing over the recent period.
In common with big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for digital platforms instead.
The platform securing the license to the Oscars further suggests that the dominance of streaming sites will continue increasing.
