The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, marking the most recent substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it finalized a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the show will be accessible live and for free on the digital platform.
This is one more substantial upheaval in Hollywood, which is grappling with studio sales and mergers, along with severe reductions in filming.
"Our Academy represents an worldwide body, and this partnership will enable us to increase availability to the activities of the Academy to the most extensive international crowd attainable - which will be beneficial for our membership and the movie industry," stated organization heads in a release.
Over decades, viewership of the ceremony have declined, though there was a small rise in recent years, with a considerable amount of younger viewers watching from mobile devices and laptops.
In a corresponding announcement, the video platform's chief executive called the Oscars "among our essential cultural institutions" and added that working with the Academy would "spark a fresh wave of innovation and movie fans while remaining faithful to the Oscars' storied history".
ABC, which has streamed the ceremony since 1976, stated that it was looking forward "to the next three telecasts" it will continue to air.
This decision follows major studios face intricate takeover attempts. Both options were seen as concerning for an sector that has experienced severe reductions over the last few years.
Similar to big production houses, cable networks have struggled as the public has chosen streaming services as an alternative.
YouTube winning broadcasting rights to the Oscars clearly signals that the dominance of digital platforms will persist expanding.
