The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards will begin broadcasting solely on the global video platform in 2029, representing the latest substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it signed a long-term agreement awarding YouTube the unique international license to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been televised for a half a century on ABC. Beginning in 2029, the show will be available live and for free on YouTube.
This is another major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to steep production cuts.
"The Academy is an worldwide body, and this alliance will allow us to expand access to the mission of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a statement.
For many years, viewership of the ceremony have dropped, although there was a slight uptick in recent years, with a considerable amount of younger viewers tuning in from smartphones and computers.
In a separate statement, YouTube's CEO referred to the Oscars "a key vital pillars of culture" and said that working with the Academy would "motivate a fresh wave of artistic expression and movie fans while staying true to the Oscars' storied legacy".
ABC, which has streamed the awards since 1976, commented that it was excited "to hosting the event three more times" it will continue to air.
This decision comes as large entertainment companies confront complex corporate battles. Both options were considered problematic for an business that has seen severe reductions over the last few years.
Similar to big production houses, cable networks have encountered challenges as the public has shifted towards streaming services as an alternative.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that the dominance of digital platforms will persist increasing.
