The Oscars to Depart ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on the global video platform in 2029, signaling the newest substantial shift in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, confirming that it finalized a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for March 15th, has been televised for 50 years on ABC. Starting in 2029, the ceremony will be viewable live and for free on YouTube.
It's one more significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with steep slashes to movie budgets.
"Our Academy represents an worldwide body, and this alliance will allow us to increase availability to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the film community," remarked organization heads in a release.
For many years, audience numbers of the awards show have dropped, although there was a slight uptick in recent years, with a considerable amount of youthful audiences watching from cell phones and computers.
In a related comment, the head of YouTube described the Oscars "among our vital cultural institutions" and added that working with the Academy would "inspire a fresh wave of creativity and cinema enthusiasts while staying true to the Oscars' storied legacy".
The broadcast network, which has streamed the awards since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will still host.
This shift comes as film industry giants confront challenging merger discussions. Both options were seen as unfavourable for an business that has experienced significant downsizing over the recent period.
Like major studios, traditional TV channels have struggled as the viewers has shifted towards streaming services as an alternative.
YouTube winning the license to the Academy Awards clearly signals that the dominance of digital platforms will persist increasing.
