The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in the year 2029, marking the most recent major transformation in the film industry.
The organization behind the Oscars made the announcement on this week, stating that it finalized a multi-year deal granting the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, set for 15 March, has been broadcast for 50 years on ABC. Commencing in 2029, the ceremony will be viewable as a free live stream on the digital platform.
It's another major upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will enable us to increase availability to the work of the Academy to the largest worldwide audience possible - which will be advantageous for our Academy members and the film community," stated Academy leadership in a release.
For many years, ratings of the awards show have declined, even if there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers watching from cell phones and desktops.
In a corresponding announcement, YouTube's CEO described the Oscars "among our essential cultural institutions" and said that partnering with the Academy would "inspire a fresh wave of innovation and movie fans while staying true to the Oscars' storied history".
ABC, which has streamed the ceremony since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision coincides with film industry giants deal with intricate takeover attempts. Both options were seen as concerning for an industry that has witnessed drastic cuts over the recent period.
Similar to major studios, traditional TV channels have faced issues as the viewers has chosen digital platforms as an alternative.
YouTube obtaining rights to the Academy Awards strongly indicates that dependence on streaming sites will carry on increasing.
