The Oscars Are Exiting ABC and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in the year 2029, signaling the latest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it entered into a multi-year deal awarding YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has aired for five decades on the traditional network. Beginning in 2029, the ceremony will be available as a free live stream on the digital platform.
This is one more significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to drastic reductions in filming.
"The Academy is an worldwide body, and this alliance will allow us to increase availability to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the movie industry," said organization heads in a release.
Throughout a long period, ratings of the awards show have declined, even if there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from cell phones and laptops.
In a separate statement, the head of YouTube described the Oscars "among our vital cultural touchstones" and said that teaming up with the Academy would "motivate a younger cohort of innovation and film lovers while staying true to the Oscars' illustrious heritage".
ABC, which has streamed 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 large entertainment companies confront complex corporate battles. Both options were seen as unfavourable for an industry that has experienced drastic cuts over the last few years.
Like big production houses, traditional TV channels have struggled as the public has shifted towards digital platforms instead.
YouTube winning broadcasting rights to the Academy Awards further suggests that the dominance of streaming sites will persist to grow.
