The Academy Awards Will Leave ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on YouTube in 2029, representing the latest substantial change in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it finalized a long-term agreement granting YouTube the unique international license to the Oscars up to 2033.
The Oscars, set for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the event will be accessible live and for free on YouTube.
It's one more significant shakeup in the entertainment world, which is navigating studio sales and mergers, along with steep production cuts.
"Our Academy represents an global institution, and this alliance will enable us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our Academy members and the film community," stated Academy leadership in a release.
Over decades, ratings of the televised event have fallen, although there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and computers.
In a separate statement, YouTube's CEO called the Oscars "among our essential cultural institutions" and said that working with the Academy would "motivate a new generation of creativity and cinema enthusiasts while staying true to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since 1976, commented that it was eagerly anticipating "to hosting the event three more times" it will still host.
This decision follows major studios confront challenging merger discussions. Both options were seen as concerning for an sector that has seen severe reductions over the recent period.
Similar to big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for streaming services as an alternative.
YouTube winning broadcasting rights to the Oscars clearly signals that reliance on digital platforms will continue increasing.
