The Oscars Will Leave ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, marking the newest significant change in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it finalized a long-term agreement giving the streaming service the unique international license to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on the traditional network. Commencing in 2029, the ceremony will be viewable as a free live stream on the digital platform.
It's a further major restructuring in the entertainment world, which is navigating company buyouts and fusions, in addition to severe slashes to movie budgets.
"Our Academy represents an worldwide body, and this alliance will enable us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be advantageous for our Academy members and the movie industry," stated organization heads in a statement.
Over decades, ratings of the ceremony have declined, although there was a minor increase in recent years, with a significant number of younger viewers watching from smartphones and desktops.
In a separate statement, the video platform's chief executive called the Oscars "one of our vital cultural institutions" and added that teaming up with the Academy would "motivate a fresh wave of artistic expression and film lovers while adhering to the Oscars' celebrated heritage".
ABC, which has aired the ceremony since 1976, stated that it was looking forward "to the next three telecasts" it will retain rights for.
The move follows large entertainment companies confront intricate takeover attempts. Such proposals were seen as unfavourable for an sector that has experienced drastic cuts over the recent period.
Similar to big production houses, cable networks have encountered challenges as the audience has increasingly opted for streaming services as an alternative.
YouTube winning rights to the Oscars further suggests that dependence on online services will continue increasing.
