The Oscars Are Exiting ABC and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, representing the latest major shift in Hollywood.
The organization behind the Oscars made the announcement on this week, stating that it signed a multi-year deal granting the streaming service the unique international license to the Oscars through 2033.
The awards show, which is planned for 15 March, has been broadcast for 50 years on ABC. Commencing in 2029, the ceremony will be viewable in real-time without charge on the digital platform.
It's another major restructuring in the entertainment world, which is navigating corporate acquisitions and consolidations, along with steep slashes to movie budgets.
"The Academy is an global institution, and this collaboration will allow us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be beneficial for our membership and the movie industry," stated the Academy's executives in a announcement.
Over decades, ratings of the televised event have fallen, though there was a small rise in recent years, with a notable portion of youthful audiences tuning in from smartphones and laptops.
In a related comment, the head of YouTube called the Oscars "a key essential cultural touchstones" and noted that partnering with the Academy would "motivate a new generation of creativity and film lovers while adhering to the Oscars' illustrious legacy".
The broadcast network, which has streamed the awards since the mid-1970s, said that it was excited "to the next three telecasts" it will continue to air.
This decision follows large entertainment companies confront complex corporate battles. Such proposals were viewed as unfavourable for an sector that has experienced severe reductions over the past several years.
Similar to major studios, traditional TV channels have faced issues as the public has shifted towards digital platforms instead.
YouTube winning rights to the Oscars strongly indicates that reliance on online services will persist to grow.
