The Academy Awards Are Exiting ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, signaling the most recent significant change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it signed a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for 50 years on the traditional network. Commencing in 2029, the show will be viewable in real-time without charge on YouTube.
This is one more substantial shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will enable us to broaden reach to the activities of the Academy to the largest worldwide audience possible - which will be beneficial for our film artists and the movie industry," stated Academy leadership in a statement.
For many years, audience numbers of the televised event have dropped, though there was a minor increase in recent years, with a considerable amount of younger viewers watching from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our fundamental cultural institutions" and added that teaming up with the Academy would "spark a fresh wave of creativity and movie fans while staying true to the Oscars' storied history".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will still host.
This decision coincides with film industry giants face complex corporate battles. These potential deals were viewed as problematic for an business that has experienced drastic cuts over the last few years.
Similar to big production houses, cable networks have faced issues as the public has increasingly opted for streaming services instead.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that dependence on online services will carry on increasing.
