The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will begin airing only on the global video platform in the year 2029, representing the latest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it entered into a extended contract granting YouTube the exclusive global rights to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the show will be accessible live and for free on the digital platform.
This is one more substantial upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will allow us to broaden reach to the activities of the Academy to the largest worldwide audience imaginable - which will be advantageous for our Academy members and the movie industry," said organization heads in a statement.
Throughout a long period, viewership of the awards show have fallen, although there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from mobile devices and laptops.
In a separate statement, the head of YouTube referred to the Oscars "among our essential cultural touchstones" and added that partnering with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".
ABC, which has streamed the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
This decision coincides with film industry giants face intricate takeover attempts. Such proposals were seen as unfavourable for an business that has seen drastic cuts over the past several years.
Similar to big production houses, cable networks have faced issues as the public has increasingly opted for on-demand video as an alternative.
YouTube winning rights to the Academy Awards further suggests that dependence on streaming sites will continue expanding.
