The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence airing only on the global video platform in the year 2029, signaling the newest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it finalized a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has been televised for a half a century on the traditional network. Beginning in 2029, the show will be available as a free live stream on YouTube.
It's another significant upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with drastic reductions in filming.
"Our Academy represents an global institution, and this collaboration will allow us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our Academy members and the movie industry," stated organization heads in a announcement.
Throughout a long period, ratings of the ceremony have declined, though there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers streaming from mobile devices and computers.
In a related comment, the head of YouTube described the Oscars "a key fundamental cultural institutions" and noted that working with the Academy would "motivate a younger cohort of creativity and film lovers while staying true to the Oscars' celebrated legacy".
The broadcast network, which has aired the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will continue to air.
This decision follows film industry giants confront complex corporate battles. Both options were considered problematic for an sector that has experienced severe reductions over the past several years.
Similar to major studios, cable networks have struggled as the viewers has chosen on-demand video instead.
The platform securing broadcasting rights to the Oscars clearly signals that reliance on streaming sites will persist expanding.
