The Academy Awards Are Exiting ABC and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will begin airing only on YouTube in 2029, signaling the most recent significant change in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a multi-year deal giving the streaming service the exclusive global rights to the Oscars until 2033.
The Oscars, scheduled for 15 March, has aired for a half a century on ABC. Beginning in 2029, the ceremony will be accessible as a free live stream on YouTube.
It's another substantial restructuring in Hollywood, which is grappling with studio sales and mergers, coupled with steep slashes to movie budgets.
"The Academy is an worldwide body, and this partnership will allow us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our membership and the cinematic world," stated organization heads in a announcement.
Throughout a long period, viewership of the ceremony have dropped, even if there was a small rise in recent years, with a notable portion of younger viewers streaming from cell phones and laptops.
In a related comment, YouTube's CEO described the Oscars "one of our vital cultural touchstones" and added that partnering with the Academy would "motivate a fresh wave of artistic expression and film lovers while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will still host.
This shift coincides with film industry giants deal with complex corporate battles. These potential deals were seen as concerning for an industry that has seen severe reductions over the last few years.
In common with major studios, traditional TV channels have struggled as the public has shifted towards digital platforms instead.
The platform securing broadcasting rights to the Academy Awards further suggests that the dominance of online services will carry on to grow.
