The Oscars Will Leave ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards are set to start airing only on YouTube in the year 2029, marking the most recent significant shift in the film industry.
The organization behind the Oscars declared the decision on Wednesday, confirming that it finalized a extended contract granting the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, set for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the event will be accessible live and for free on the digital platform.
This is a further major restructuring in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with steep slashes to movie budgets.
"The Academy is an worldwide body, and this partnership will enable us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the cinematic world," stated organization heads in a announcement.
Over decades, ratings of the awards show have fallen, though there was a slight uptick in recent years, with a significant number of youthful audiences streaming from cell phones and computers.
In a separate statement, the head of YouTube described the Oscars "one of our essential cultural touchstones" and said that teaming up with the Academy would "spark a new generation of innovation and film lovers while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has televised the awards since the mid-1970s, said that it was excited "to hosting the event three more times" it will continue to air.
The move follows major studios confront challenging merger discussions. Such proposals were viewed as concerning for an sector that has seen significant downsizing over the recent period.
In common with big production houses, cable networks have encountered challenges as the audience has increasingly opted for on-demand video instead.
YouTube winning the license to the Academy Awards strongly indicates that dependence on digital platforms will continue to grow.
