The Oscars Will Leave ABC and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will commence broadcasting solely on YouTube in the year 2029, marking the most recent significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it signed a multi-year deal granting the streaming service the unique international license to the Oscars through 2033.
The awards show, scheduled for 15 March, has aired for five decades on ABC. Commencing in 2029, the ceremony will be accessible as a free live stream on YouTube.
This is one more major upheaval in the entertainment world, which is navigating studio sales and mergers, in addition to drastic reductions in filming.
"The Academy is an worldwide body, and this partnership will allow us to expand access to the work of the Academy to the most extensive international crowd attainable - which will be positive for our Academy members and the movie industry," remarked Academy leadership in a release.
Over decades, ratings of the ceremony have fallen, although there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and computers.
In a separate statement, the video platform's chief executive referred to the Oscars "among our vital pillars of culture" and noted that teaming up with the Academy would "motivate a new generation of creativity and film lovers while adhering to the Oscars' illustrious heritage".
ABC, which has aired the ceremony since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will retain rights for.
This decision comes as film industry giants deal with complex corporate battles. Such proposals were viewed as concerning for an sector that has experienced drastic cuts over the recent period.
In common with big production houses, traditional TV channels have struggled as the viewers has shifted towards streaming services instead.
YouTube obtaining the license to the Academy Awards strongly indicates that reliance on online services will continue to grow.
