The Oscars Will Leave ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start broadcasting solely on the global video platform in 2029, marking the newest major change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it finalized a multi-year deal awarding the streaming service the unique international license to the Oscars up to 2033.
The Oscars, set for 15 March, has been broadcast for 50 years on ABC. Beginning in 2029, the show will be viewable in real-time without charge on the digital platform.
It's another substantial upheaval in the entertainment world, which is grappling with studio sales and mergers, along with steep slashes to movie budgets.
"The Academy is an global institution, and this partnership will enable us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be positive for our film artists and the movie industry," stated the Academy's executives in a release.
For many years, viewership of the televised event have declined, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers watching from smartphones and desktops.
In a separate statement, the video platform's chief executive described the Oscars "one of our essential cultural institutions" and added that teaming up with the Academy would "motivate a new generation of creativity and cinema enthusiasts while staying true to the Oscars' storied history".
The broadcast network, which has streamed the awards since 1976, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move follows film industry giants confront challenging merger discussions. Such proposals were viewed as concerning for an sector that has experienced drastic cuts over the past several years.
Similar to big production houses, cable networks have faced issues as the audience has chosen digital platforms instead.
YouTube obtaining the license to the Oscars clearly signals that dependence on streaming sites will carry on to grow.
