The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards will commence streaming exclusively on the global video platform in the year 2029, marking the latest significant shift in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it finalized a multi-year deal giving the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, set for March 15th, has aired for five decades on ABC. Commencing in 2029, the ceremony will be available in real-time without charge on YouTube.
It's another major upheaval in the entertainment world, which is navigating studio sales and mergers, along with drastic production cuts.
"The Academy is an international organization, and this partnership will permit us to expand access to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the cinematic world," said organization heads in a announcement.
Over decades, viewership of the televised event have declined, although there was a minor increase in recent years, with a considerable amount of youthful audiences streaming from cell phones and laptops.
In a related comment, YouTube's CEO referred to the Oscars "one of our essential pillars of culture" and added that teaming up with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while adhering to the Oscars' storied heritage".
The broadcast network, which has aired the awards since the mid-1970s, commented that it was eagerly anticipating "to the next three telecasts" it will still host.
This decision coincides with film industry giants face challenging merger discussions. Such proposals were considered unfavourable for an sector that has witnessed significant downsizing over the past several years.
Like major studios, traditional TV channels have encountered challenges as the public has shifted towards digital platforms as an alternative.
YouTube winning the license to the Academy Awards further suggests that reliance on digital platforms will continue expanding.
