The Oscars Will Leave ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in 2029, representing the most recent substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it signed a multi-year deal giving the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on the traditional network. Commencing in 2029, the ceremony will be available live and for free on the digital platform.
It's a further significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to steep reductions in filming.
"The Academy is an global institution, and this partnership will permit us to increase availability to the activities of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the film community," remarked the Academy's executives in a release.
Over decades, viewership of the televised event have fallen, even if there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers tuning in from smartphones and desktops.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our fundamental cultural institutions" and added that partnering with the Academy would "inspire a fresh wave of artistic expression and movie fans while staying true to the Oscars' illustrious heritage".
ABC, which has aired the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the next three telecasts" it will still host.
The move follows large entertainment companies confront challenging merger discussions. Both options were seen as unfavourable for an business that has seen drastic cuts over the last few years.
Similar to big production houses, traditional TV channels have encountered challenges as the audience has chosen digital platforms instead.
The platform securing the license to the Academy Awards strongly indicates that the dominance of digital platforms will carry on expanding.
