The Oscars Are Exiting ABC and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, representing the most recent substantial change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it finalized a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for 15 March, has aired for 50 years on ABC. Beginning in 2029, the show will be accessible as a free live stream on YouTube.
It's another substantial restructuring in the entertainment world, which is navigating studio sales and mergers, coupled with steep production cuts.
"Our Academy represents an international organization, and this partnership will allow us to expand access to the work of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the movie industry," remarked the Academy's executives in a statement.
Over decades, audience numbers of the awards show have declined, though there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and laptops.
In a related comment, the head of YouTube called the Oscars "a key vital pillars of culture" and said that working with the Academy would "spark a younger cohort of creativity and movie fans while staying true to the Oscars' storied legacy".
The broadcast network, which has streamed the awards since 1976, stated that it was looking forward "to the next three telecasts" it will continue to air.
This decision comes as large entertainment companies deal with complex corporate battles. Such proposals were viewed as unfavourable for an sector that has seen significant downsizing over the last few years.
In common with major studios, traditional TV channels have faced issues as the audience has shifted towards streaming services as an alternative.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that the dominance of digital platforms will carry on expanding.
