The Oscars Are Exiting ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in 2029, representing the newest significant change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, stating that it signed a multi-year deal giving the streaming service the unique international license to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for a half a century on ABC. Commencing in 2029, the show will be accessible as a free live stream 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 permit us to expand access to the activities of the Academy to the most extensive international crowd possible - which will be positive for our membership and the film community," said organization heads in a release.
Over decades, ratings of the awards show have dropped, even if there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers streaming from smartphones and computers.
In a separate statement, the head of YouTube referred to the Oscars "one of our vital pillars of culture" and said that teaming up with the Academy would "inspire a younger cohort of artistic expression and movie fans while adhering to the Oscars' storied heritage".
ABC, which has streamed the awards since 1976, stated that it was looking forward "to hosting the event three more times" it will retain rights for.
This decision comes as major studios deal with intricate takeover attempts. Both options were viewed as unfavourable for an business that has seen significant downsizing over the recent period.
Like big production houses, traditional TV channels have faced issues as the viewers has shifted towards on-demand video instead.
The platform securing the license to the Academy Awards further suggests that the dominance of digital platforms will carry on to grow.
