The Oscars to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, representing the newest significant transformation in the film industry.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has been televised for a half a century on ABC. Beginning in 2029, the event will be accessible live and for free on the digital platform.
It's a further substantial restructuring in the entertainment world, which is dealing with studio sales and mergers, along with severe reductions in filming.
"Our Academy represents an international organization, and this partnership will allow us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the film community," remarked organization heads in a announcement.
Throughout a long period, audience numbers of the awards show have declined, though there was a slight uptick in recent years, with a notable portion of younger viewers streaming from mobile devices and desktops.
In a separate statement, the head of YouTube called the Oscars "a key vital cultural institutions" and said that teaming up with the Academy would "inspire a new generation of innovation and cinema enthusiasts while adhering to the Oscars' storied heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will retain rights for.
This decision comes as film industry giants deal with challenging merger discussions. Such proposals were viewed as problematic for an industry that has experienced drastic cuts over the last few years.
Like big production houses, traditional TV channels have faced issues as the audience has shifted towards on-demand video instead.
YouTube obtaining rights to the Oscars further suggests that dependence on online services will persist to grow.
