The Oscars to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start airing only on the global video platform in 2029, marking the latest substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it entered into a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has been broadcast for five decades on the traditional network. Beginning in 2029, the event will be accessible live and for free on the digital platform.
This is another major restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to severe production cuts.
"Our Academy represents an worldwide body, and this partnership will enable us to increase availability to the work of the Academy to the biggest global viewership possible - which will be positive for our film artists and the movie industry," stated Academy leadership in a announcement.
For many years, viewership of the televised event have fallen, though there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers streaming from mobile devices and computers.
In a related comment, YouTube's CEO called the Oscars "one of our essential cultural touchstones" and noted that teaming up with the Academy would "motivate a new generation of creativity and film lovers while adhering to the Oscars' celebrated history".
ABC, which has aired the ceremony since the mid-1970s, stated that it was excited "to the next three telecasts" it will continue to air.
The move comes as large entertainment companies face challenging merger discussions. Such proposals were seen as problematic for an industry that has experienced drastic cuts over the recent period.
Similar to big production houses, cable networks have encountered challenges as the audience has chosen on-demand video as an alternative.
YouTube obtaining the license to the Oscars clearly signals that the dominance of online services will persist expanding.
