The Oscars Are Exiting ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, representing the latest significant shift in the film industry.
The organization behind the Oscars revealed the news on Wednesday, confirming that it signed a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, which is planned for 15 March, has aired for five decades on ABC. Commencing in 2029, the ceremony will be available as a free live stream on the digital platform.
This is a further major shakeup in Hollywood, which is navigating company buyouts and fusions, coupled with severe slashes to movie budgets.
"The Academy is an international organization, and this collaboration will permit us to expand access to the activities of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a announcement.
Throughout a long period, ratings of the awards show have declined, although there was a minor increase in recent years, with a notable portion of youthful audiences tuning in from mobile devices and laptops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "among our vital cultural institutions" and noted that partnering with the Academy would "spark a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' storied legacy".
ABC, which has televised the ceremony since 1976, commented that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This decision follows film industry giants confront intricate takeover attempts. Such proposals were viewed as unfavourable for an industry that has seen significant downsizing over the past several years.
Similar to major studios, cable networks have encountered challenges as the public has shifted towards on-demand video instead.
YouTube obtaining the license to the Oscars strongly indicates that reliance on digital platforms will persist expanding.
