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, marking the most recent substantial transformation in the film industry.
The organization behind the Oscars declared the decision on this week, stating that it entered into a multi-year deal awarding YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, set for March 15th, has been televised for a half a century on ABC. Commencing in 2029, the event will be viewable live and for free on the digital platform.
It's another substantial shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, along with drastic reductions in filming.
"The Academy is an global institution, and this alliance will allow us to expand access to the activities of the Academy to the most extensive international crowd imaginable - which will be advantageous for our Academy members and the film community," remarked the Academy's executives in a statement.
Over decades, audience numbers of the awards show have declined, although there was a minor increase in recent years, with a significant number of youthful audiences streaming from mobile devices and laptops.
In a related comment, YouTube's CEO called the Oscars "one of our fundamental cultural institutions" and noted that teaming up with the Academy would "motivate a younger cohort of innovation and film lovers while remaining faithful to the Oscars' storied history".
ABC, which has aired the awards since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision follows large entertainment companies face challenging merger discussions. Such proposals were viewed as unfavourable for an industry that has witnessed drastic cuts over the recent period.
In common with big production houses, traditional TV channels have encountered challenges as the public has chosen digital platforms instead.
YouTube obtaining rights to the Oscars clearly signals that the dominance of digital platforms will persist to grow.
