The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence airing only on the global video platform in 2029, marking the latest significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it signed a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, scheduled for March 15th, has aired for a half a century on ABC. Starting in 2029, the event will be accessible in real-time without charge on the digital platform.
This is another major upheaval in Hollywood, which is navigating company buyouts and fusions, along with drastic slashes to movie budgets.
"The Academy is an worldwide body, and this partnership will allow us to increase availability to the mission of the Academy to the largest worldwide audience attainable - which will be advantageous for our Academy members and the cinematic world," stated Academy leadership in a release.
Over decades, ratings of the televised event have dropped, although there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from smartphones and computers.
In a related comment, the head of YouTube called the Oscars "a key fundamental cultural institutions" and noted that teaming up with the Academy would "motivate a fresh wave of artistic expression and film lovers while staying true to the Oscars' storied history".
The broadcast network, which has aired the awards since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will still host.
The move coincides with major studios face intricate takeover attempts. These potential deals were viewed as problematic for an industry that has seen severe reductions over the past several years.
In common with big production houses, cable networks have faced issues as the public has shifted towards on-demand video as an alternative.
The platform securing the license to the Oscars clearly signals that reliance on online services will carry on to grow.
