The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will begin streaming exclusively on the global video platform in 2029, representing the newest substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it entered into a multi-year deal granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, which is planned for 15 March, has aired for 50 years on the traditional network. Commencing in 2029, the show will be accessible live and for free on YouTube.
This is another substantial shakeup in Hollywood, which is navigating company buyouts and fusions, in addition to drastic production cuts.
"The Academy is an global institution, and this partnership will permit us to broaden reach to the work of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the movie industry," stated organization heads in a release.
Over decades, ratings of the awards show have declined, although there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers watching from cell phones and desktops.
In a separate statement, YouTube's CEO referred to the Oscars "one of our essential cultural touchstones" and added that partnering with the Academy would "spark a younger cohort of innovation and movie fans while adhering to the Oscars' storied heritage".
ABC, which has aired the awards since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
This decision coincides with film industry giants deal with complex corporate battles. Both options were viewed as concerning for an industry that has seen significant downsizing over the recent period.
Similar to major studios, traditional TV channels have encountered challenges as the public has shifted towards on-demand video instead.
YouTube obtaining rights to the Academy Awards strongly indicates that the dominance of digital platforms will continue expanding.
