The Oscars Are Exiting ABC and Broadcast Live on YouTube Starting in 2029.
The Academy Awards will commence broadcasting solely on the global video platform in 2029, representing the most recent major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it signed a extended contract giving YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, set for 15 March, has been televised for 50 years on ABC. Beginning in 2029, the show will be available live and for free on the digital platform.
It's another substantial shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, along with severe production cuts.
"The Academy is an international organization, and this collaboration will enable us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be positive for our membership and the movie industry," stated organization heads in a announcement.
Throughout a long period, viewership of the ceremony have dropped, although there was a minor increase in recent years, with a significant number of youthful audiences watching from smartphones and computers.
In a corresponding announcement, YouTube's CEO referred to the Oscars "among our vital pillars of culture" and said that working with the Academy would "motivate a younger cohort of innovation and film lovers while adhering to the Oscars' celebrated history".
ABC, which has streamed the awards since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will still host.
This shift follows major studios face intricate takeover attempts. Both options were considered unfavourable for an sector that has witnessed severe reductions over the past several years.
Similar to major studios, traditional TV channels have encountered challenges as the public has increasingly opted for digital platforms instead.
The platform securing broadcasting rights to the Academy Awards strongly indicates that reliance on online services will persist increasing.
