The Academy Awards Will Leave ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, representing the most recent significant transformation in Hollywood.
The organization behind the Oscars declared the decision on this week, indicating that it finalized a multi-year deal awarding the streaming service the unique international license to the Oscars until 2033.
The Oscars, scheduled for 15 March, has aired for a half a century on the traditional network. Beginning in 2029, the event will be available live and for free on YouTube.
It's a further major upheaval in Hollywood, which is navigating company buyouts and fusions, coupled with severe production cuts.
"Our Academy represents an international organization, and this partnership will permit us to expand access to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the film community," remarked Academy leadership in a announcement.
Over decades, audience numbers of the awards show have fallen, although there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers watching from mobile devices and laptops.
In a related comment, the head of YouTube called the Oscars "among our vital pillars of culture" and added that working with the Academy would "inspire a younger cohort of artistic expression and film lovers while staying true to the Oscars' illustrious legacy".
The broadcast network, which has televised the awards since 1976, said that it was excited "to the next three telecasts" it will still host.
The move coincides with film industry giants confront challenging merger discussions. These potential deals were seen as concerning for an business that has witnessed drastic cuts over the past several years.
In common with major studios, cable networks have encountered challenges as the audience has chosen streaming services instead.
YouTube obtaining rights to the Academy Awards clearly signals that dependence on online services will persist to grow.
