The Oscars to Depart ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, signaling the most recent major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it signed a long-term agreement giving the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has aired for five decades on the traditional network. Beginning in 2029, the event will be viewable in real-time without charge on the digital platform.
This is another substantial restructuring in the entertainment world, which is navigating company buyouts and fusions, coupled with drastic production cuts.
"Our Academy represents an global institution, and this collaboration will allow us to expand access to the work of the Academy to the biggest global viewership imaginable - which will be advantageous for our film artists and the film community," said Academy leadership in a release.
Over decades, audience numbers of the awards show have declined, although there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers streaming from smartphones and laptops.
In a corresponding announcement, the head of YouTube called the Oscars "one of our essential pillars of culture" and said that working with the Academy would "inspire a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied heritage".
The broadcast network, which has televised the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will still host.
This shift coincides with major studios face intricate takeover attempts. Such proposals were seen as unfavourable for an business that has witnessed significant downsizing over the last few years.
In common with big production houses, traditional TV channels have struggled as the viewers has increasingly opted for streaming services instead.
YouTube winning the license to the Academy Awards strongly indicates that the dominance of online services will persist to grow.
