The Academy Awards Will Leave ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, marking the newest substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it signed a extended contract giving YouTube the unique international license to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for 50 years on ABC. Beginning in 2029, the event will be available as a free live stream on YouTube.
This is a further significant restructuring in Hollywood, which is grappling with company buyouts and fusions, in addition to drastic slashes to movie budgets.
"The Academy is an international organization, and this alliance will permit us to broaden reach to the activities of the Academy to the biggest global viewership attainable - which will be positive for our membership and the movie industry," stated the Academy's executives in a release.
Over decades, audience numbers of the awards show have fallen, even if there was a minor increase in recent years, with a considerable amount of youthful audiences watching from cell phones and desktops.
In a related comment, YouTube's CEO described the Oscars "one of our essential pillars of culture" and said that partnering with the Academy would "inspire a younger cohort of innovation and film lovers while staying true to the Oscars' storied heritage".
ABC, which has televised the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will continue to air.
This shift follows film industry giants deal with intricate takeover attempts. Both options were viewed as concerning for an industry that has experienced drastic cuts over the recent period.
Similar to major studios, traditional TV channels have encountered challenges as the public has increasingly opted for streaming services as an alternative.
YouTube obtaining rights to the Academy Awards strongly indicates that the dominance of streaming sites will carry on to grow.
