The Academy Awards Will Leave ABC and Broadcast Live on YouTube Starting in 2029.
The Academy Awards are set to start airing only on the global video platform in 2029, signaling the most recent significant shift in Hollywood.
The organization behind the Oscars declared the decision on this week, confirming that it entered into a extended contract giving YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has aired for 50 years on ABC. Starting in 2029, the show will be available live and for free on the digital platform.
This is a further major restructuring in Hollywood, which is navigating company buyouts and fusions, coupled with drastic production cuts.
"The Academy is an global institution, and this partnership will enable us to expand access to the work of the Academy to the biggest global viewership possible - which will be beneficial for our membership and the movie industry," remarked Academy leadership in a announcement.
Throughout a long period, viewership of the ceremony have dropped, although there was a small rise in recent years, with a notable portion of younger viewers watching from cell phones and computers.
In a corresponding announcement, the head of YouTube called the Oscars "one of our vital pillars of culture" and said that working with the Academy would "spark a new generation of innovation and cinema enthusiasts while adhering to the Oscars' celebrated history".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will continue to air.
The move follows film industry giants face challenging merger discussions. These potential deals were considered problematic for an industry that has seen drastic cuts over the past several years.
Similar to big production houses, traditional TV channels have struggled as the public has increasingly opted for streaming services as an alternative.
YouTube obtaining rights to the Academy Awards further suggests that dependence on online services will carry on increasing.
