The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start broadcasting solely on the global video platform in the year 2029, signaling the newest major change in the film industry.
The organization behind the Oscars declared the decision on Wednesday, indicating that it entered into a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, set for March 15th, has aired for 50 years on ABC. Starting in 2029, the ceremony will be accessible live and for free on YouTube.
It's one more significant upheaval in Hollywood, which is dealing with studio sales and mergers, along with steep reductions in filming.
"Our Academy represents an worldwide body, and this partnership will permit us to broaden reach to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our membership and the cinematic world," remarked Academy leadership in a statement.
For many years, audience numbers of the awards show have dropped, although there was a small rise in recent years, with a significant number of younger viewers streaming from mobile devices and computers.
In a corresponding announcement, the video platform's chief executive called the Oscars "a key vital cultural institutions" and said that teaming up with the Academy would "spark a new generation of innovation and film lovers while staying true to the Oscars' storied legacy".
The broadcast network, which has televised the ceremony since 1976, commented that it was looking forward "to the next three telecasts" it will still host.
The move follows large entertainment companies face challenging merger discussions. Both options were considered problematic for an industry that has seen drastic cuts over the past several years.
Like big production houses, cable networks have struggled as the audience has shifted towards on-demand video instead.
YouTube obtaining broadcasting rights to the Oscars clearly signals that dependence on online services will continue expanding.
