The Academy Awards Will Leave ABC and Stream on YouTube Starting in 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in the year 2029, marking the newest major shift in the film industry.
The organization behind the Oscars revealed the news on this week, indicating that it signed a multi-year deal granting YouTube the unique international license to the Oscars until 2033.
The Oscars, which is planned for 15 March, has aired for a half a century on ABC. Beginning in 2029, the event will be viewable in real-time without charge on the digital platform.
It's another substantial shakeup in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with steep reductions in filming.
"The Academy is an worldwide body, and this partnership will enable us to broaden reach to the activities of the Academy to the most extensive international crowd attainable - which will be beneficial for our Academy members and the cinematic world," stated Academy leadership in a statement.
For many years, audience numbers of the televised event have fallen, though there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers watching from smartphones and computers.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our fundamental cultural institutions" and said that teaming up with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while remaining faithful to the Oscars' illustrious history".
ABC, which has streamed the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will continue to air.
The move follows film industry giants confront intricate takeover attempts. Such proposals were seen as concerning for an industry that has seen drastic cuts over the last few years.
Like major studios, cable networks have faced issues as the public has increasingly opted for streaming services as an alternative.
The platform securing the license to the Oscars strongly indicates that reliance on digital platforms will carry on increasing.
