The Oscars Are Exiting ABC and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, signaling the latest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it signed a long-term agreement giving YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been broadcast for 50 years on ABC. Commencing in 2029, the ceremony will be accessible as a free live stream on the digital platform.
It's one more major restructuring in Hollywood, which is dealing with company buyouts and fusions, in addition to steep production cuts.
"Our Academy represents an worldwide body, and this alliance will permit us to broaden reach to the mission of the Academy to the biggest global viewership attainable - which will be beneficial for our membership and the cinematic world," said the Academy's executives in a release.
Throughout a long period, viewership of the televised event have dropped, although there was a minor increase in recent years, with a notable portion of youthful audiences streaming from smartphones and computers.
In a corresponding announcement, the head of YouTube called the Oscars "among our essential cultural institutions" and added that teaming up with the Academy would "spark a younger cohort of creativity and movie fans while adhering to the Oscars' illustrious history".
ABC, which has aired the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will continue to air.
The move follows film industry giants deal with intricate takeover attempts. Both options were considered problematic for an sector that has experienced drastic cuts over the recent period.
Similar to major studios, cable networks have encountered challenges as the viewers has increasingly opted for digital platforms instead.
YouTube obtaining rights to the Academy Awards strongly indicates that dependence on streaming sites will continue to grow.
