The Oscars to Depart ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in the year 2029, marking the latest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it signed a multi-year deal giving YouTube the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has been broadcast for 50 years on the traditional network. Beginning in 2029, the event will be available live and for free on YouTube.
This is one more major shakeup in Hollywood, which is grappling with studio sales and mergers, coupled with severe reductions in filming.
"Our Academy represents an global institution, and this alliance will enable us to increase availability to the activities of the Academy to the biggest global viewership attainable - which will be beneficial for our Academy members and the film community," remarked Academy leadership in a statement.
Throughout a long period, viewership of the televised event have fallen, although there was a slight uptick in recent years, with a significant number of younger viewers watching from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our fundamental cultural touchstones" and said that teaming up with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious legacy".
ABC, which has streamed the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will retain rights for.
The move coincides with film industry giants confront intricate takeover attempts. Both options were considered unfavourable for an business that has seen severe reductions over the past several years.
In common with major studios, traditional TV channels have faced issues as the audience has shifted towards on-demand video instead.
The platform securing the license to the Academy Awards clearly signals that dependence on streaming sites will persist expanding.
