The Academy Awards to Depart ABC and Stream on YouTube Beginning in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in the year 2029, marking the latest significant transformation in the film industry.
The organization behind the Oscars revealed the news on this week, indicating that it entered into a long-term agreement awarding YouTube the unique international license to the Oscars up to 2033.
The awards show, set for 15 March, has been broadcast for five decades on ABC. Beginning in 2029, the show will be available live and for free on the digital platform.
It's a further substantial shakeup in Hollywood, which is navigating company buyouts and fusions, along with severe reductions in filming.
"Our Academy represents an global institution, and this collaboration will allow us to expand access to the mission of the Academy to the biggest global viewership imaginable - which will be advantageous for our film artists and the film community," remarked organization heads in a announcement.
Over decades, audience numbers of the televised event have declined, though there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from cell phones and computers.
In a corresponding announcement, YouTube's CEO described the Oscars "one of our vital cultural touchstones" and noted that teaming up with the Academy would "motivate a fresh wave of creativity and film lovers while staying true to the Oscars' illustrious heritage".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will retain rights for.
This shift comes as film industry giants confront intricate takeover attempts. Both options were viewed as problematic for an industry that has seen severe reductions over the last few years.
Like big production houses, cable networks have faced issues as the audience has increasingly opted for streaming services instead.
The platform securing rights to the Oscars further suggests that reliance on digital platforms will persist increasing.
