The Academy Awards Will Leave ABC and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, representing the latest major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it signed a extended contract granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, set for 15 March, has aired for five decades on ABC. Commencing in 2029, the event will be viewable in real-time without charge on YouTube.
This is one more substantial restructuring in the entertainment world, which is navigating studio sales and mergers, in addition to drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will permit us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the cinematic world," remarked the Academy's executives in a announcement.
For many years, audience numbers of the awards show have fallen, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a related comment, YouTube's CEO described the Oscars "a key essential cultural institutions" and said that teaming up with the Academy would "inspire a younger cohort of artistic expression and movie fans while staying true to the Oscars' storied heritage".
The broadcast network, which has streamed the awards since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will continue to air.
This decision comes as large entertainment companies deal with challenging merger discussions. Such proposals were viewed as unfavourable for an sector that has experienced severe reductions over the past several years.
In common with major studios, cable networks have faced issues as the viewers has chosen streaming services instead.
The platform securing rights to the Oscars clearly signals that the dominance of streaming sites will persist to grow.
