The Academy Awards to Depart ABC and Broadcast Live 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 substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it finalized a long-term agreement giving the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, set for 15 March, has aired for 50 years on ABC. Commencing in 2029, the event will be viewable live and for free on YouTube.
It's another significant upheaval in Hollywood, which is dealing with company buyouts and fusions, along with severe production cuts.
"The Academy is an global institution, and this partnership will enable us to broaden reach to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the cinematic world," stated organization heads in a announcement.
Throughout a long period, viewership of the awards show have declined, though there was a slight uptick in recent years, with a notable portion of youthful audiences watching from smartphones and computers.
In a corresponding announcement, the video platform's chief executive described the Oscars "one of our vital pillars of culture" and noted that working with the Academy would "motivate a fresh wave of artistic expression and cinema enthusiasts while adhering to the Oscars' storied history".
The broadcast network, which has streamed the ceremony since 1976, stated that it was looking forward "to the next three telecasts" it will continue to air.
This decision comes as large entertainment companies face challenging merger discussions. Such proposals were seen as concerning for an business that has experienced severe reductions over the last few years.
Like major studios, traditional TV channels have encountered challenges as the public has chosen streaming services instead.
The platform securing the license to the Academy Awards clearly signals that dependence on streaming sites will carry on to grow.
