The Oscars Are Exiting ABC and Broadcast Live on YouTube Starting in 2029.
The Academy Awards will commence streaming exclusively on YouTube in 2029, signaling the newest significant transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a extended contract granting YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has been televised for five decades on the traditional network. Beginning in 2029, the show will be accessible as a free live stream on YouTube.
This is another major restructuring in Hollywood, which is navigating studio sales and mergers, in addition to drastic production cuts.
"Our Academy represents an worldwide body, and this alliance will permit us to broaden reach to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the cinematic world," stated Academy leadership in a announcement.
Over decades, audience numbers of the televised event have declined, though there was a small rise in recent years, with a notable portion of youthful audiences watching from cell phones and laptops.
In a separate statement, the head of YouTube referred to the Oscars "a key fundamental cultural institutions" and added that working with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while staying true to the Oscars' storied history".
ABC, which has aired the awards since 1976, said that it was excited "to the upcoming broadcasts" it will continue to air.
The move comes as large entertainment companies face intricate takeover attempts. Such proposals were viewed as concerning for an industry that has seen significant downsizing over the last few years.
Similar to major studios, traditional TV channels have struggled as the audience has increasingly opted for on-demand video instead.
YouTube obtaining the license to the Academy Awards strongly indicates that dependence on streaming sites will carry on expanding.
