The Academy Awards to Depart ABC and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin broadcasting solely on YouTube in the year 2029, representing the latest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it entered into a extended contract granting the streaming service the unique international license to the Oscars up to 2033.
The awards show, set for 15 March, has aired for 50 years on ABC. Commencing in 2029, the ceremony will be accessible as a free live stream on the digital platform.
It's one more major restructuring in the entertainment world, which is grappling with company buyouts and fusions, along with drastic reductions in filming.
"The Academy is an global institution, and this collaboration will permit us to increase availability to the activities of the Academy to the biggest global viewership attainable - which will be positive for our membership and the movie industry," stated organization heads in a release.
For many years, audience numbers of the televised event have fallen, even if there was a minor increase in recent years, with a significant number of youthful audiences watching from mobile devices and computers.
In a separate statement, YouTube's CEO referred to the Oscars "a key essential cultural institutions" and added that partnering with the Academy would "inspire a fresh wave of artistic expression and cinema enthusiasts while adhering to the Oscars' illustrious heritage".
The broadcast network, which has televised the awards since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This shift comes as film industry giants deal with intricate takeover attempts. These potential deals were viewed as unfavourable for an sector that has witnessed severe reductions over the past several years.
Like big production houses, cable networks have struggled as the audience has increasingly opted for streaming services instead.
YouTube obtaining rights to the Academy Awards clearly signals that reliance on streaming sites will continue increasing.
