The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, signaling the newest major change in the film industry.
The organization behind the Oscars revealed the news on Wednesday, stating that it signed a multi-year deal giving the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has been broadcast for five decades on the traditional network. Commencing in 2029, the show will be viewable live and for free on the digital platform.
This is another significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"The Academy is an global institution, and this collaboration will allow us to increase availability to the mission of the Academy to the most extensive international crowd attainable - which will be beneficial for our film artists and the cinematic world," remarked Academy leadership in a release.
For many years, ratings of the awards show have fallen, even if there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from smartphones and desktops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our fundamental cultural institutions" and added that partnering with the Academy would "inspire a new generation of creativity and cinema enthusiasts while staying true to the Oscars' celebrated heritage".
The broadcast network, which has televised the awards since the mid-1970s, said that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
This decision coincides with film industry giants deal with challenging merger discussions. Both options were viewed as problematic for an business that has experienced significant downsizing over the last few years.
Like major studios, traditional TV channels have faced issues as the public has chosen streaming services instead.
YouTube winning rights to the Academy Awards further suggests that the dominance of online services will persist expanding.
