The Oscars Will Leave ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards are set to start broadcasting solely on YouTube in the year 2029, marking the newest major change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it entered into a long-term agreement awarding the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on ABC. Beginning in 2029, the show will be accessible as a free live stream on the digital platform.
This is a further substantial shakeup in Hollywood, which is navigating company buyouts and fusions, in addition to steep production cuts.
"Our Academy represents an international organization, and this partnership will permit us to broaden reach to the mission of the Academy to the largest worldwide audience possible - which will be beneficial for our Academy members and the film community," stated Academy leadership in a announcement.
For many years, audience numbers of the ceremony have declined, even if there was a minor increase in recent years, with a significant number of youthful audiences tuning in from mobile devices and laptops.
In a corresponding announcement, YouTube's CEO described the Oscars "a key fundamental pillars of culture" and added that working with the Academy would "inspire a new generation of innovation and movie fans while staying true to the Oscars' storied heritage".
The broadcast network, which has televised the awards since the mid-1970s, commented that it was excited "to the next three telecasts" it will continue to air.
This decision comes as film industry giants deal with challenging merger discussions. Such proposals were seen as problematic for an industry that has experienced drastic cuts over the last few years.
Like major studios, traditional TV channels have faced issues as the viewers has shifted towards on-demand video instead.
The platform securing rights to the Academy Awards clearly signals that dependence on streaming sites will persist to grow.
