The Academy Awards Are Exiting ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in the year 2029, representing the most recent substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it entered into a multi-year deal giving YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has aired for 50 years on the traditional network. Beginning in 2029, the ceremony will be viewable as a free live stream on YouTube.
This is a further significant shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, along with steep production cuts.
"Our Academy represents an international organization, and this alliance will permit us to increase availability to the activities of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the film community," remarked Academy leadership in a announcement.
Throughout a long period, audience numbers of the awards show have fallen, even if there was a small rise in recent years, with a considerable amount of younger viewers tuning in from smartphones and computers.
In a related comment, YouTube's CEO called the Oscars "one of our essential cultural institutions" and said that working with the Academy would "motivate a fresh wave of innovation and movie fans while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will continue to air.
This decision follows film industry giants face complex corporate battles. These potential deals were viewed as unfavourable for an sector that has witnessed significant downsizing over the last few years.
Similar to major studios, cable networks have faced issues as the public has chosen digital platforms instead.
The platform securing broadcasting rights to the Academy Awards clearly signals that reliance on digital platforms will persist expanding.
