The Academy Awards Will Leave ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in 2029, marking the newest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it finalized a multi-year deal awarding the streaming service the unique international license to the Oscars up to 2033.
The awards show, set for March 15th, has aired for 50 years on ABC. Beginning in 2029, the ceremony will be accessible in real-time without charge on the digital platform.
This is another substantial restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, along with severe slashes to movie budgets.
"Our Academy represents an international organization, and this partnership will permit us to expand access to the work of the Academy to the most extensive international crowd attainable - which will be advantageous for our membership and the film community," said the Academy's executives in a statement.
Over decades, viewership of the awards show have declined, even if there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers streaming from smartphones and desktops.
In a corresponding announcement, the head of YouTube called the Oscars "among our fundamental cultural touchstones" and said that working with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while staying true to the Oscars' storied history".
ABC, which has streamed the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This shift follows film industry giants face intricate takeover attempts. Both options were seen as concerning for an business that has witnessed drastic cuts over the recent period.
Similar to major studios, traditional TV channels have encountered challenges as the public has increasingly opted for digital platforms instead.
YouTube obtaining rights to the Academy Awards clearly signals that reliance on streaming sites will continue expanding.
