The Oscars Will Leave ABC and Stream on the Video Platform Beginning in 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, signaling the newest significant transformation in the film industry.
The organization behind the Oscars declared the decision on this week, stating that it signed a extended contract giving the streaming service the unique international license to the Oscars until 2033.
The awards show, which is planned for March 15th, has been broadcast for five decades on the traditional network. Starting in 2029, the show will be viewable live and for free on the digital platform.
This is one more major shakeup in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to drastic slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will allow us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the cinematic world," said organization heads in a announcement.
For many years, viewership of the ceremony have fallen, though there was a small rise in recent years, with a notable portion of younger viewers watching from mobile devices and desktops.
In a separate statement, the head of YouTube called the Oscars "among our vital cultural institutions" and added that partnering with the Academy would "motivate a new generation of innovation and movie fans while adhering to the Oscars' celebrated heritage".
ABC, which has televised the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
The move follows film industry giants face intricate takeover attempts. These potential deals were considered concerning for an sector that has seen severe reductions over the recent period.
Like big production houses, traditional TV channels have struggled as the audience has increasingly opted for on-demand video as an alternative.
YouTube winning rights to the Academy Awards further suggests that the dominance of streaming sites will carry on to grow.
