The Academy Awards to Depart ABC and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in the year 2029, marking the most recent significant shift in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a extended contract awarding the streaming service the unique international license to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has been broadcast for 50 years on ABC. Commencing in 2029, the event will be accessible as a free live stream on YouTube.
It's one more major restructuring in Hollywood, which is grappling with company buyouts and fusions, coupled with drastic production cuts.
"Our Academy represents an global institution, and this partnership will enable us to expand access to the work of the Academy to the most extensive international crowd imaginable - which will be advantageous for our Academy members and the cinematic world," stated organization heads in a statement.
Throughout a long period, audience numbers of the televised event have declined, although there was a slight uptick in recent years, with a considerable amount of younger viewers watching from smartphones and computers.
In a separate statement, YouTube's CEO referred to the Oscars "among our essential cultural touchstones" and said that working with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious history".
ABC, which has aired the ceremony since the mid-1970s, stated that it was excited "to hosting the event three more times" it will continue to air.
This decision comes as major studios confront challenging merger discussions. These potential deals were seen as unfavourable for an business that has seen severe reductions over the past several years.
In common with big production houses, traditional TV channels have encountered challenges as the audience has shifted towards on-demand video instead.
YouTube obtaining broadcasting rights to the Oscars further suggests that the dominance of digital platforms will continue expanding.
