The Academy Awards to Depart ABC and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in the year 2029, signaling the most recent major transformation in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, indicating that it finalized a long-term agreement awarding the streaming service the unique international license to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the show will be available live and for free on the digital platform.
This is one more substantial shakeup in the entertainment world, which is grappling with company buyouts and fusions, in addition to drastic reductions in filming.
"The Academy is an global institution, and this alliance will enable us to increase availability to the work of the Academy to the biggest global viewership attainable - which will be beneficial for our membership and the film community," remarked the Academy's executives in a statement.
Throughout a long period, ratings of the televised event have dropped, although there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers watching from mobile devices and desktops.
In a corresponding announcement, the head of YouTube described the Oscars "a key fundamental cultural touchstones" and added that partnering with the Academy would "motivate a new generation of innovation and cinema enthusiasts while staying true to the Oscars' illustrious legacy".
ABC, which has streamed the awards since 1976, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This decision comes as major studios face challenging merger discussions. Such proposals were seen as unfavourable for an sector that has witnessed severe reductions over the past several years.
Similar to major studios, traditional TV channels have faced issues as the audience has increasingly opted for digital platforms as an alternative.
The platform securing the license to the Academy Awards strongly indicates that the dominance of streaming sites will carry on increasing.
