The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will commence airing only on YouTube in the year 2029, marking the newest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it finalized a long-term agreement giving YouTube the unique international license to the Oscars until 2033.
The Oscars, set for 15 March, has been televised for five decades on the traditional network. Starting in 2029, the show will be viewable as a free live stream on YouTube.
This is one more major shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with drastic slashes to movie budgets.
"The Academy is an global institution, and this partnership will allow us to increase availability to the activities of the Academy to the largest worldwide audience imaginable - which will be positive for our membership and the film community," remarked Academy leadership in a statement.
Over decades, viewership of the televised event have fallen, though there was a minor increase in recent years, with a notable portion of youthful audiences streaming from mobile devices and desktops.
In a separate statement, YouTube's CEO referred to the Oscars "among our fundamental cultural institutions" and added that working with the Academy would "motivate a younger cohort of artistic expression and cinema enthusiasts while staying true to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since the mid-1970s, commented that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This shift comes as major studios confront challenging merger discussions. Such proposals were considered problematic for an industry that has experienced significant downsizing over the past several years.
Similar to big production houses, traditional TV channels have faced issues as the public has increasingly opted for streaming services instead.
The platform securing rights to the Oscars clearly signals that dependence on online services will persist to grow.
