The Oscars Are Exiting ABC and Stream on YouTube Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, representing the latest major shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it signed a multi-year deal granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on ABC. Starting in 2029, the event will be viewable live and for free on YouTube.
This is another significant upheaval in the entertainment world, which is dealing with studio sales and mergers, along with severe production cuts.
"The Academy is an international organization, and this collaboration will enable us to expand access to the activities of the Academy to the largest worldwide audience imaginable - which will be positive for our film artists and the movie industry," said the Academy's executives in a announcement.
Throughout a long period, ratings of the ceremony have fallen, though there was a small rise in recent years, with a notable portion of youthful audiences watching from cell phones and desktops.
In a related comment, the head of YouTube referred to the Oscars "among our essential cultural touchstones" and said that teaming up with the Academy would "inspire a fresh wave of innovation and film lovers while staying true to the Oscars' celebrated legacy".
The broadcast network, which has streamed the awards since 1976, commented that it was excited "to the next three telecasts" it will retain rights for.
This shift comes as large entertainment companies confront complex corporate battles. Both options were viewed as problematic for an industry that has witnessed severe reductions over the past several years.
In common with big production houses, cable networks have faced issues as the viewers has shifted towards on-demand video instead.
The platform securing rights to the Academy Awards clearly signals that reliance on streaming sites will persist expanding.
