The Oscars to Depart ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, marking the most recent major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it finalized a multi-year deal giving YouTube the exclusive global rights to the Oscars until 2033.
The Oscars, set for 15 March, has been broadcast for five decades on ABC. Commencing in 2029, the ceremony will be viewable live and for free on YouTube.
This is another substantial shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to severe production cuts.
"Our Academy represents an international organization, and this alliance will allow us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be advantageous for our Academy members and the film community," said Academy leadership in a announcement.
For many years, audience numbers of the awards show have fallen, although there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and desktops.
In a related comment, the head of YouTube referred to the Oscars "among our essential cultural institutions" and noted that teaming up with the Academy would "inspire a fresh wave of innovation and movie fans while adhering to the Oscars' storied legacy".
ABC, which has televised the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
The move comes as large entertainment companies deal with complex corporate battles. These potential deals were considered unfavourable for an industry that has experienced severe reductions over the last few years.
Similar to big production houses, traditional TV channels have faced issues as the viewers has chosen on-demand video as an alternative.
YouTube obtaining the license to the Academy Awards further suggests that reliance on digital platforms will continue increasing.
