The Academy Awards Are Exiting ABC and Stream on YouTube Beginning in 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, signaling the most recent major shift in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it entered into a long-term agreement awarding the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, set for 15 March, has been televised for a half a century on ABC. Commencing in 2029, the show will be available in real-time without charge on the digital platform.
It's another substantial upheaval in Hollywood, which is navigating studio sales and mergers, in addition to severe slashes to movie budgets.
"Our Academy represents an global institution, and this partnership will allow us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the movie industry," said organization heads in a release.
Throughout a long period, viewership of the ceremony have declined, although there was a minor increase in recent years, with a considerable amount of youthful audiences tuning in from mobile devices and laptops.
In a separate statement, the video platform's chief executive called the Oscars "a key fundamental cultural institutions" and added that teaming up with the Academy would "motivate a new generation of creativity and movie fans while staying true to the Oscars' celebrated heritage".
ABC, which has streamed the ceremony since the mid-1970s, stated that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This decision follows major studios face challenging merger discussions. Both options were seen as unfavourable for an industry that has witnessed severe reductions over the past several years.
Like major studios, cable networks have encountered challenges as the public has increasingly opted for streaming services instead.
YouTube obtaining rights to the Oscars further suggests that reliance on streaming sites will continue to grow.
