The Academy Awards to Depart ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony will begin airing only on the global video platform in the year 2029, representing the latest significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it finalized a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for 15 March, has been broadcast for 50 years on the traditional network. Beginning in 2029, the ceremony will be accessible live and for free on YouTube.
It's one more substantial upheaval in the entertainment world, which is grappling with studio sales and mergers, coupled with steep production cuts.
"The Academy is an global institution, and this collaboration will enable us to expand access to the activities of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the cinematic world," remarked Academy leadership in a announcement.
Over decades, ratings of the awards show have dropped, though there was a minor increase in recent years, with a significant number of younger viewers streaming from mobile devices and laptops.
In a separate statement, the video platform's chief executive called the Oscars "a key essential cultural touchstones" and added that partnering with the Academy would "motivate a new generation of artistic expression and cinema enthusiasts while adhering to the Oscars' celebrated history".
ABC, which has aired the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will retain rights for.
The move comes as large entertainment companies confront intricate takeover attempts. These potential deals were considered concerning for an business that has experienced drastic cuts over the past several years.
In common with major studios, traditional TV channels have struggled as the public has increasingly opted for streaming services instead.
The platform securing broadcasting rights to the Oscars further suggests that the dominance of streaming sites will continue to grow.
