The Oscars Will Leave ABC and Stream on YouTube Starting in 2029.
The Oscars ceremony will begin airing only on YouTube in the year 2029, representing the latest significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it finalized a multi-year deal awarding YouTube the unique international license to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has aired for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable live and for free on YouTube.
This is another major upheaval in Hollywood, which is grappling with studio sales and mergers, coupled with drastic reductions in filming.
"The Academy is an global institution, and this partnership will allow us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the film community," stated organization heads in a statement.
Throughout a long period, ratings of the ceremony have dropped, although there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and desktops.
In a related comment, the head of YouTube described the Oscars "one of our vital cultural touchstones" and added that working with the Academy would "inspire a new generation of artistic expression and movie fans while adhering to the Oscars' celebrated heritage".
The broadcast network, which has streamed the awards since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
The move coincides with major studios face intricate takeover attempts. Both options were viewed as problematic for an business that has experienced severe reductions over the last few years.
In common with big production houses, traditional TV channels have faced issues as the viewers has shifted towards digital platforms instead.
YouTube winning the license to the Academy Awards strongly indicates that dependence on streaming sites will carry on to grow.
