The Academy Awards Will Leave ABC and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will commence streaming exclusively on YouTube in the year 2029, marking the latest major transformation in Hollywood.
The organization behind the Oscars made the announcement on this week, indicating that it finalized a multi-year deal granting YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, set for 15 March, has been broadcast for a half a century on the traditional network. Starting in 2029, the ceremony will be accessible live and for free on YouTube.
This is another substantial restructuring in the entertainment world, which is grappling with studio sales and mergers, coupled with severe production cuts.
"The Academy is an international organization, and this partnership will allow us to broaden reach to the work of the Academy to the largest worldwide audience imaginable - which will be positive for our Academy members and the movie industry," said organization heads in a announcement.
For many years, audience numbers of the televised event have fallen, even if there was a slight uptick in recent years, with a notable portion of younger viewers watching from smartphones and computers.
In a related comment, the head of YouTube called the Oscars "among our essential cultural institutions" and added that teaming up with the Academy would "motivate a fresh wave of creativity and film lovers while adhering to the Oscars' celebrated legacy".
The broadcast network, which has aired the awards since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
This decision coincides with major studios deal with intricate takeover attempts. Both options were considered unfavourable for an industry that has witnessed drastic cuts over the last few years.
Similar to major studios, cable networks have encountered challenges as the public has increasingly opted for on-demand video instead.
YouTube winning broadcasting rights to the Oscars clearly signals that reliance on streaming sites will carry on to grow.
