The Academy Awards Will Leave ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards are set to start broadcasting solely on YouTube in the year 2029, representing the newest substantial shift in Hollywood.
The organization behind the Oscars declared the decision on this week, stating that it finalized a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for March 15th, has aired for a half a century on ABC. Commencing in 2029, the show will be viewable in real-time without charge on YouTube.
This is a further substantial restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with severe production cuts.
"Our Academy represents an worldwide body, and this partnership will enable us to increase availability to the activities of the Academy to the largest worldwide audience possible - which will be positive for our Academy members and the movie industry," remarked Academy leadership in a release.
For many years, viewership of the televised event have fallen, though there was a slight uptick in recent years, with a considerable amount of youthful audiences tuning in from smartphones and desktops.
In a separate statement, the head of YouTube referred to the Oscars "a key essential pillars of culture" and noted that working with the Academy would "inspire a new generation of artistic expression and cinema enthusiasts while staying true to the Oscars' illustrious heritage".
The broadcast network, which has streamed the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will still host.
This shift follows major studios confront challenging merger discussions. Both options were considered unfavourable for an business that has witnessed drastic cuts over the past several years.
In common with major studios, traditional TV channels have encountered challenges as the audience has increasingly opted for on-demand video instead.
The platform securing rights to the Oscars further suggests that dependence on digital platforms will carry on to grow.
