The Oscars Will Leave ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards will commence streaming exclusively on YouTube in 2029, signaling the newest substantial transformation in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a long-term agreement granting YouTube the unique international license to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has been televised for a half a century on ABC. Beginning in 2029, the event will be available in real-time without charge on YouTube.
This is a further major shakeup in the entertainment world, which is navigating studio sales and mergers, coupled with drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this partnership will allow us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be advantageous for our membership and the film community," stated Academy leadership in a statement.
Over decades, ratings of the awards show have declined, although there was a slight uptick in recent years, with a considerable amount of youthful audiences tuning in from smartphones and computers.
In a corresponding announcement, the head of YouTube described the Oscars "one of our vital pillars of culture" and added that partnering with the Academy would "inspire a new generation of innovation and film lovers while adhering to the Oscars' celebrated heritage".
The broadcast network, which has streamed the ceremony since 1976, said that it was excited "to hosting the event three more times" it will continue to air.
This shift follows film industry giants face complex corporate battles. These potential deals were considered concerning for an industry that has seen severe reductions over the recent period.
Like major studios, traditional TV channels have faced issues as the audience has shifted towards digital platforms as an alternative.
YouTube winning the license to the Oscars further suggests that dependence on digital platforms will persist expanding.
