The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, signaling the latest significant transformation in the film industry.
The organization behind the Oscars made the announcement on this week, confirming that it signed a multi-year deal giving the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on the traditional network. Commencing in 2029, the event will be available live and for free on YouTube.
It's one more significant restructuring in the entertainment world, which is grappling with company buyouts and fusions, in addition to drastic reductions in filming.
"The Academy is an global institution, and this alliance will allow us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the cinematic world," said the Academy's executives in a release.
Throughout a long period, ratings of the ceremony have fallen, though there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from smartphones and computers.
In a related comment, the video platform's chief executive described the Oscars "among our fundamental cultural institutions" and noted that partnering with the Academy would "motivate a younger cohort of innovation and film lovers while adhering to the Oscars' illustrious history".
The broadcast network, which has aired the awards since 1976, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move coincides with film industry giants deal with challenging merger discussions. These potential deals were seen as problematic for an sector that has experienced severe reductions over the last few years.
Like big production houses, cable networks have struggled as the audience has shifted towards on-demand video instead.
YouTube obtaining rights to the Academy Awards clearly signals that the dominance of online services will continue to grow.
