The Oscars Will Leave ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, signaling the newest significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it entered into a extended contract giving YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for March 15th, has been broadcast for 50 years on ABC. Beginning in 2029, the show will be accessible in real-time without charge on the digital platform.
This is another substantial upheaval in Hollywood, which is dealing with studio sales and mergers, along with drastic reductions in filming.
"Our Academy represents an international organization, and this partnership will enable us to expand access to the work of the Academy to the biggest global viewership imaginable - which will be beneficial for our membership and the cinematic world," remarked the Academy's executives in a release.
Throughout a long period, viewership of the awards show have dropped, though there was a small rise in recent years, with a considerable amount of youthful audiences tuning in from cell phones and computers.
In a separate statement, the head of YouTube called the Oscars "one of our essential cultural institutions" and said that teaming up with the Academy would "inspire a new generation of artistic expression and film lovers while staying true to the Oscars' illustrious legacy".
ABC, which has aired the awards since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
The move comes as film industry giants confront challenging merger discussions. These potential deals were viewed as problematic for an sector that has experienced drastic cuts over the last few years.
Similar to major studios, traditional TV channels have encountered challenges as the audience has chosen streaming services instead.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that the dominance of online services will continue expanding.
