The Oscars Will Leave ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in 2029, marking the latest substantial transformation in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, indicating that it signed a long-term agreement granting YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has been televised for a half a century on ABC. Commencing in 2029, the event will be viewable in real-time without charge on the digital platform.
It's one more substantial shakeup in Hollywood, which is navigating company buyouts and fusions, coupled with steep slashes to movie budgets.
"The Academy is an international organization, and this collaboration will permit us to increase availability to the mission of the Academy to the biggest global viewership attainable - which will be beneficial for our Academy members and the film community," said the Academy's executives in a statement.
Over decades, viewership of the ceremony have dropped, although there was a minor increase in recent years, with a considerable amount of younger viewers streaming from smartphones and computers.
In a related comment, YouTube's CEO described the Oscars "one of our fundamental cultural touchstones" and noted that teaming up with the Academy would "spark a new generation of innovation and cinema enthusiasts while staying true to the Oscars' illustrious history".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was looking forward "to the next three telecasts" it will continue to air.
The move coincides with film industry giants deal with complex corporate battles. These potential deals were viewed as problematic for an business that has seen severe reductions over the recent period.
Similar to major studios, traditional TV channels have encountered challenges as the audience has increasingly opted for digital platforms instead.
YouTube winning the license to the Oscars strongly indicates that dependence on online services will carry on to grow.
