The Academy Awards to Depart ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, representing the newest significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for five decades on ABC. Starting in 2029, the ceremony will be accessible live and for free on YouTube.
This is another major restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, along with drastic reductions in filming.
"Our Academy represents an international organization, and this partnership will permit us to expand access to the activities of the Academy to the biggest global viewership possible - which will be advantageous for our Academy members and the film community," stated the Academy's executives in a announcement.
Throughout a long period, ratings of the awards show have declined, though there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from smartphones and desktops.
In a corresponding announcement, the head of YouTube called the Oscars "a key fundamental pillars of culture" and said that teaming up with the Academy would "spark a younger cohort of innovation and film lovers while staying true to the Oscars' celebrated heritage".
ABC, which has televised the ceremony since the mid-1970s, commented that it was eagerly anticipating "to hosting the event three more times" it will still host.
This shift coincides with major studios confront intricate takeover attempts. Such proposals were seen as concerning for an industry that has experienced significant downsizing over the past several years.
In common with major studios, cable networks have struggled as the audience has shifted towards digital platforms as an alternative.
YouTube obtaining rights to the Academy Awards strongly indicates that dependence on online services will persist to grow.
