The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony are set to start broadcasting solely on the global video platform in the year 2029, marking the latest substantial shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it entered into a long-term agreement granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, set for 15 March, has been televised for five decades on ABC. Starting in 2029, the event will be accessible in real-time without charge on the digital platform.
This is one more significant shakeup in the entertainment world, which is dealing with company buyouts and fusions, in addition to steep slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will allow us to increase availability to the activities of the Academy to the most extensive international crowd possible - which will be positive for our membership and the cinematic world," stated the Academy's executives in a statement.
Throughout a long period, ratings of the awards show have fallen, though there was a small rise in recent years, with a considerable amount of youthful audiences streaming from cell phones and desktops.
In a related comment, YouTube's CEO referred to the Oscars "one of our fundamental cultural touchstones" and added that teaming up with the Academy would "motivate a new generation of innovation and film lovers while staying true to the Oscars' celebrated heritage".
ABC, which has streamed the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This shift comes as large entertainment companies confront challenging merger discussions. These potential deals were viewed as unfavourable for an industry that has seen significant downsizing over the recent period.
Similar to major studios, cable networks have encountered challenges as the audience has chosen streaming services instead.
YouTube winning the license to the Oscars strongly indicates that reliance on streaming sites will continue to grow.
