The Oscars Will Leave ABC and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, marking the newest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it signed a extended contract granting YouTube the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has been broadcast for five decades on ABC. Beginning in 2029, the event will be accessible in real-time without charge on YouTube.
It's another significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will allow us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the film community," stated Academy leadership in a announcement.
Over decades, viewership of the ceremony have declined, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers tuning in from mobile devices and desktops.
In a separate statement, the head of YouTube called the Oscars "a key fundamental cultural institutions" and said that teaming up with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This shift follows film industry giants confront intricate takeover attempts. These potential deals were viewed as problematic for an industry that has experienced severe reductions over the last few years.
Similar to big production houses, cable networks have struggled as the viewers has increasingly opted for digital platforms as an alternative.
YouTube obtaining broadcasting rights to the Oscars further suggests that reliance on streaming sites will persist expanding.
