The Oscars Will Leave ABC and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in 2029, representing the latest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, stating that it finalized a long-term agreement awarding the streaming service the unique international license to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has aired for 50 years on the traditional network. Beginning in 2029, the show will be available as a free live stream on YouTube.
It's a further significant upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, in addition to steep slashes to movie budgets.
"Our Academy represents an international organization, and this collaboration will allow us to broaden reach to the work of the Academy to the most extensive international crowd imaginable - which will be positive for our film artists and the movie industry," stated Academy leadership in a statement.
Over decades, audience numbers of the ceremony have dropped, even if there was a slight uptick in recent years, with a considerable amount of youthful audiences streaming from mobile devices and laptops.
In a separate statement, the head of YouTube described the Oscars "a key essential cultural touchstones" and added that teaming up with the Academy would "inspire a new generation of creativity and cinema enthusiasts while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move follows large entertainment companies face challenging merger discussions. These potential deals were considered unfavourable for an sector that has seen drastic cuts over the recent period.
Like major studios, cable networks have encountered challenges as the viewers has chosen digital platforms instead.
YouTube winning broadcasting rights to the Oscars further suggests that dependence on digital platforms will continue expanding.
