The Oscars to Depart ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on YouTube in 2029, representing the latest significant shift in Hollywood.
The organization behind the Oscars made the announcement on this week, stating that it signed a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for five decades on ABC. Commencing in 2029, the show will be viewable live and for free on the digital platform.
This is a further significant upheaval in the entertainment world, which is navigating company buyouts and fusions, coupled with severe slashes to movie budgets.
"The Academy is an global institution, and this partnership will allow us to expand access to the activities of the Academy to the biggest global viewership possible - which will be positive for our membership and the cinematic world," remarked the Academy's executives in a release.
Over decades, audience numbers of the awards show have fallen, though there was a slight uptick in recent years, with a considerable amount of younger viewers tuning in from smartphones and laptops.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our vital pillars of culture" and added that working with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has aired the ceremony since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move comes as film industry giants confront complex corporate battles. These potential deals were viewed as problematic for an industry that has witnessed drastic cuts over the recent period.
Like major studios, traditional TV channels have faced issues as the viewers has shifted towards digital platforms instead.
The platform securing broadcasting rights to the Academy Awards further suggests that the dominance of online services will continue expanding.
