The Academy Awards Will Leave ABC and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will commence streaming exclusively on YouTube in 2029, signaling the most recent major shift in Hollywood.
The organization behind the Oscars declared the decision on this week, stating that it finalized a long-term agreement granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, set for March 15th, has been broadcast for 50 years on the traditional network. Commencing in 2029, the ceremony will be available as a free live stream on YouTube.
This is one more substantial shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to severe production cuts.
"The Academy is an worldwide body, and this collaboration will permit us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be beneficial for our membership and the film community," remarked the Academy's executives in a release.
For many years, viewership of the awards show have declined, even if there was a minor increase in recent years, with a notable portion of younger viewers streaming from smartphones and desktops.
In a related comment, YouTube's CEO described the Oscars "a key fundamental pillars of culture" and added that partnering with the Academy would "motivate a fresh wave of innovation and movie fans while remaining faithful to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move coincides with major studios deal with intricate takeover attempts. These potential deals were viewed as unfavourable for an sector that has experienced severe reductions over the recent period.
Similar to big production houses, traditional TV channels have faced issues as the audience has increasingly opted for digital platforms instead.
YouTube obtaining the license to the Oscars clearly signals that dependence on online services will carry on to grow.
