The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards will begin airing only on the global video platform in the year 2029, marking the most recent significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it entered into a multi-year deal giving YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, set for March 15th, has been broadcast for a half a century on ABC. Beginning in 2029, the event will be viewable in real-time without charge on the digital platform.
This is one more significant restructuring in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to steep slashes to movie budgets.
"Our Academy represents an international organization, and this collaboration will enable us to expand access to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our membership and the cinematic world," remarked organization heads in a release.
Over decades, ratings of the televised event have dropped, although there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and desktops.
In a separate statement, the head of YouTube called the Oscars "a key fundamental pillars of culture" and added that teaming up with the Academy would "inspire a younger cohort of creativity and cinema enthusiasts while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will still host.
This decision coincides with major studios face challenging merger discussions. These potential deals were seen as concerning for an industry that has experienced severe reductions over the past several years.
Like major studios, cable networks have struggled as the audience has shifted towards streaming services instead.
YouTube winning the license to the Oscars strongly indicates that dependence on streaming sites will persist increasing.
