The Academy Awards Are Exiting ABC and Stream on the Video Platform Beginning in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, representing the newest significant change in Hollywood.
The organization behind the Oscars declared the decision on this week, indicating that it signed a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for 15 March, has aired for five decades on ABC. Starting in 2029, the show will be viewable as a free live stream on the digital platform.
This is another significant restructuring in the entertainment world, which is navigating company buyouts and fusions, in addition to severe slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will enable us to broaden reach to the mission of the Academy to the biggest global viewership possible - which will be positive for our membership and the film community," said Academy leadership in a announcement.
Throughout a long period, viewership of the awards show have dropped, even if there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from cell phones and laptops.
In a separate statement, the video platform's chief executive described the Oscars "among our essential cultural touchstones" and said that teaming up with the Academy would "spark a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will continue to air.
This decision coincides with major studios face intricate takeover attempts. Such proposals were viewed as unfavourable for an sector that has witnessed severe reductions over the last few years.
Similar to big production houses, cable networks have struggled as the public has increasingly opted for streaming services instead.
YouTube obtaining the license to the Oscars further suggests that dependence on online services will carry on increasing.
