The Oscars Will Leave ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on YouTube in 2029, signaling the latest major transformation in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, stating that it entered into a multi-year deal granting YouTube the unique international license to the Oscars through 2033.
The Oscars, which is planned for 15 March, has aired for a half a century on the traditional network. Starting in 2029, the ceremony will be viewable live and for free on YouTube.
It's another major shakeup in Hollywood, which is navigating company buyouts and fusions, coupled with severe production cuts.
"Our Academy represents an worldwide body, and this alliance will enable us to increase availability to the activities of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the movie industry," said Academy leadership in a release.
Throughout a long period, viewership of the ceremony have fallen, even if there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and computers.
In a related comment, the video platform's chief executive called the Oscars "a key essential pillars of culture" and added that working with the Academy would "motivate a new generation of creativity and cinema enthusiasts while adhering to the Oscars' illustrious heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This decision coincides with film industry giants deal with challenging merger discussions. These potential deals were considered concerning for an sector that has witnessed drastic cuts over the past several years.
In common with big production houses, cable networks have faced issues as the audience has increasingly opted for streaming services instead.
The platform securing the license to the Oscars strongly indicates that reliance on streaming sites will carry on expanding.
