The Oscars Will Leave ABC and Stream on YouTube Starting in 2029.
The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, signaling the latest major change in the film industry.
The organization behind the Oscars declared the decision on Wednesday, indicating that it finalized a long-term agreement granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for 50 years on the traditional network. Starting in 2029, the event will be available in real-time without charge on YouTube.
It's one more major shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with severe production cuts.
"Our Academy represents an global institution, and this partnership will permit us to broaden reach to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our membership and the movie industry," remarked organization heads in a announcement.
For many years, viewership of the awards show have dropped, though there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a corresponding announcement, YouTube's CEO described the Oscars "among our essential pillars of culture" and added that partnering with the Academy would "inspire a fresh wave of innovation and movie fans while staying true to the Oscars' celebrated history".
The broadcast network, which has televised the awards since 1976, said that it was excited "to the next three telecasts" it will retain rights for.
The move comes as major studios deal with challenging merger discussions. Such proposals were seen as unfavourable for an business that has witnessed drastic cuts over the past several years.
Similar to major studios, cable networks have encountered challenges as the viewers has shifted towards digital platforms as an alternative.
YouTube winning the license to the Academy Awards strongly indicates that the dominance of digital platforms will carry on to grow.
