The Academy Awards Will Leave ABC and Stream on YouTube Beginning in 2029.
The Academy Awards will commence broadcasting solely on the global video platform in 2029, signaling the latest substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it entered into a long-term agreement giving YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, set for 15 March, has aired for five decades on ABC. Commencing in 2029, the ceremony will be available in real-time without charge on the digital platform.
It's one more substantial upheaval in Hollywood, which is dealing with studio sales and mergers, coupled with steep reductions in filming.
"The Academy is an international organization, and this partnership will permit us to broaden reach to the activities of the Academy to the most extensive international crowd imaginable - which will be advantageous for our membership and the cinematic world," stated the Academy's executives in a release.
For many years, audience numbers of the televised event have declined, although there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and desktops.
In a related comment, YouTube's CEO described the Oscars "a key fundamental cultural touchstones" and said that partnering with the Academy would "motivate a fresh wave of artistic expression and cinema enthusiasts while staying true to the Oscars' storied heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was excited "to hosting the event three more times" it will retain rights for.
The move coincides with film industry giants deal with intricate takeover attempts. These potential deals were considered unfavourable for an business that has seen drastic cuts over the recent period.
Similar to big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for digital platforms as an alternative.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that dependence on digital platforms will persist to grow.
