The Oscars Will Leave ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony will commence streaming exclusively on YouTube in 2029, marking the newest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it signed a multi-year deal granting the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has aired for 50 years on the traditional network. Commencing in 2029, the show will be viewable as a free live stream on the digital platform.
It's one more major shakeup in Hollywood, which is navigating studio sales and mergers, in addition to drastic reductions in filming.
"The Academy is an global institution, and this alliance will enable us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be advantageous for our Academy members and the film community," stated the Academy's executives in a statement.
For many years, ratings of the televised event have dropped, although there was a slight uptick in recent years, with a significant number of younger viewers streaming from smartphones and desktops.
In a related comment, the video platform's chief executive referred to the Oscars "a key fundamental cultural touchstones" and said that teaming up with the Academy would "motivate a fresh wave of artistic expression and movie fans while adhering to the Oscars' storied history".
The broadcast network, which has televised the awards since 1976, said that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This decision coincides with major studios deal with challenging merger discussions. Such proposals were viewed as unfavourable for an sector that has experienced drastic cuts over the last few years.
Like major studios, traditional TV channels have struggled as the viewers has chosen digital platforms instead.
The platform securing the license to the Oscars clearly signals that reliance on online services will carry on increasing.
