The Oscars to Depart ABC and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will commence streaming exclusively on YouTube in 2029, representing the most recent significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it entered into a long-term agreement giving YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has aired for 50 years on ABC. Beginning in 2029, the show will be accessible in real-time without charge on YouTube.
It's one more substantial upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with severe reductions in filming.
"The Academy is an global institution, and this collaboration will enable us to increase availability to the mission of the Academy to the biggest global viewership attainable - which will be advantageous for our membership and the film community," said Academy leadership in a release.
Over decades, audience numbers of the awards show have declined, though there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from smartphones and laptops.
In a separate statement, the video platform's chief executive described the Oscars "among our essential cultural institutions" and added that working with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' illustrious heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move follows large entertainment companies face complex corporate battles. Both options were considered unfavourable for an business that has experienced drastic cuts over the past several years.
Similar to major studios, traditional TV channels have struggled as the public has shifted towards streaming services as an alternative.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that the dominance of online services will carry on to grow.
