The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in 2029, representing the most recent substantial change in the film industry.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a long-term agreement giving YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for March 15th, has been televised for a half a century on the traditional network. Starting in 2029, the ceremony will be available as a free live stream on YouTube.
It's a further substantial restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, coupled with steep production cuts.
"Our Academy represents an worldwide body, and this partnership will permit us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be positive for our Academy members and the film community," remarked the Academy's executives in a release.
Throughout a long period, audience numbers of the televised event have fallen, although there was a slight uptick in recent years, with a significant number of youthful audiences streaming from mobile devices and laptops.
In a related comment, the head of YouTube referred to the Oscars "among our vital cultural institutions" and added that teaming up with the Academy would "spark a new generation of creativity and movie fans while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has televised the awards since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
This decision follows large entertainment companies confront intricate takeover attempts. Such proposals were seen as concerning for an sector that has seen drastic cuts over the last few years.
Similar to big production houses, cable networks have struggled as the audience has shifted towards on-demand video instead.
YouTube obtaining the license to the Academy Awards clearly signals that the dominance of streaming sites will carry on to grow.
