The Oscars Will Leave ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony will commence airing only on YouTube in 2029, marking the latest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it signed a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for March 15th, has been televised for 50 years on ABC. Starting in 2029, the ceremony will be accessible as a free live stream on YouTube.
It's one more significant upheaval in Hollywood, which is grappling with studio sales and mergers, coupled with steep reductions in filming.
"Our Academy represents an worldwide body, and this alliance will allow us to increase availability to the activities of the Academy to the most extensive international crowd attainable - which will be beneficial for our film artists and the film community," stated organization heads in a statement.
Over decades, audience numbers of the televised event have dropped, although there was a small rise in recent years, with a considerable amount of younger viewers tuning in from cell phones and desktops.
In a corresponding announcement, the head of YouTube described the Oscars "one of our essential cultural institutions" and added that working with the Academy would "spark a fresh wave of artistic expression and film lovers while adhering to the Oscars' storied legacy".
ABC, which has aired the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move follows film industry giants face challenging merger discussions. These potential deals were seen as unfavourable for an business that has seen significant downsizing over the last few years.
Like big production houses, traditional TV channels have faced issues as the viewers has increasingly opted for on-demand video as an alternative.
The platform securing the license to the Academy Awards clearly signals that reliance on digital platforms will continue to grow.
