The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony will commence broadcasting solely on the global video platform in the year 2029, representing the latest significant change 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 until 2033.
The Oscars, set for March 15th, has been televised for five decades on ABC. Commencing in 2029, the show will be accessible live and for free on the digital platform.
It's another substantial shakeup in Hollywood, which is grappling with studio sales and mergers, in addition to severe production cuts.
"The Academy is an international organization, and this partnership will allow us to increase availability to the activities of the Academy to the largest worldwide audience attainable - which will be advantageous for our film artists and the film community," remarked the Academy's executives in a release.
Over decades, ratings of the televised event have dropped, though there was a slight uptick in recent years, with a considerable amount of younger viewers watching from smartphones and desktops.
In a separate statement, YouTube's CEO called the Oscars "one of our vital cultural institutions" and noted that working with the Academy would "inspire a fresh wave of artistic expression and film lovers while staying true to the Oscars' celebrated heritage".
ABC, which has televised the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will still host.
The move follows large entertainment companies face complex corporate battles. Both options were considered concerning for an business that has witnessed severe reductions over the recent period.
Similar to big production houses, cable networks have struggled as the viewers has increasingly opted for streaming services instead.
The platform securing broadcasting rights to the Academy Awards further suggests that dependence on digital platforms will continue expanding.
