The Oscars Are Exiting ABC and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will commence broadcasting solely on YouTube in 2029, representing the latest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a extended contract giving YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on the traditional network. Beginning in 2029, the show will be accessible as a free live stream on the digital platform.
It's a further major restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will allow us to broaden reach to the activities of the Academy to the most extensive international crowd imaginable - which will be advantageous for our film artists and the film community," said the Academy's executives in a release.
Over decades, audience numbers of the ceremony have dropped, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and laptops.
In a corresponding announcement, the head of YouTube called the Oscars "a key vital cultural institutions" and added that partnering with the Academy would "spark a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has aired the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will continue to air.
This shift comes as major studios confront intricate takeover attempts. These potential deals were considered concerning for an industry that has witnessed severe reductions over the past several years.
In common with big production houses, traditional TV channels have faced issues as the audience has chosen streaming services instead.
YouTube winning the license to the Oscars strongly indicates that reliance on digital platforms will persist expanding.
