The Academy Awards to Depart ABC and Stream on YouTube Starting in 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, marking the most recent major change in the film industry.
The organization behind the Oscars revealed the news on this week, stating that it signed a extended contract awarding YouTube the exclusive global rights to the Oscars until 2033.
The awards show, set for 15 March, has been broadcast for 50 years on ABC. Beginning in 2029, the show will be viewable live and for free on YouTube.
This is one more major upheaval in Hollywood, which is grappling with company buyouts and fusions, coupled with drastic slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will permit us to expand access to the mission of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the movie industry," stated the Academy's executives in a announcement.
Over decades, ratings of the awards show have declined, even if there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from smartphones and computers.
In a corresponding announcement, the video platform's chief executive called the Oscars "a key vital cultural touchstones" and added that partnering with the Academy would "motivate a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied history".
ABC, which has aired the awards since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This decision coincides with large entertainment companies confront intricate takeover attempts. These potential deals were seen as concerning for an business that has experienced significant downsizing over the recent period.
Similar to major studios, cable networks have struggled as the audience has chosen digital platforms instead.
YouTube winning broadcasting rights to the Oscars clearly signals that dependence on online services will continue to grow.
