The Academy Awards to Depart ABC and Stream on YouTube Starting in 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in 2029, marking the most recent significant transformation in the film industry.
The organization behind the Oscars revealed the news on this week, stating that it entered into a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, set for 15 March, has aired for five decades on ABC. Commencing in 2029, the ceremony will be accessible live and for free on YouTube.
This is one more significant upheaval in the entertainment world, which is dealing with studio sales and mergers, in addition to steep reductions in filming.
"Our Academy represents an international organization, and this partnership will permit us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the cinematic world," stated Academy leadership in a statement.
Over decades, viewership of the ceremony have declined, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers watching from cell phones and desktops.
In a corresponding announcement, the video platform's chief executive called the Oscars "one of our fundamental cultural touchstones" and added that working with the Academy would "inspire a younger cohort of artistic expression and film lovers while staying true to the Oscars' celebrated legacy".
The broadcast network, which has streamed the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will retain rights for.
The move coincides with film industry giants confront intricate takeover attempts. Such proposals were considered problematic for an industry that has witnessed significant downsizing over the last few years.
Like big production houses, traditional TV channels have faced issues as the viewers has chosen streaming services instead.
The platform securing rights to the Oscars clearly signals that the dominance of online services will carry on to grow.
