The Academy Awards to Depart ABC and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, signaling the latest major change in the film industry.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a long-term agreement awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been televised for a half a century on ABC. Beginning in 2029, the ceremony will be available in real-time without charge on YouTube.
It's another substantial restructuring in Hollywood, which is grappling with studio sales and mergers, in addition to drastic slashes to movie budgets.
"Our Academy represents an global institution, and this collaboration will allow us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be beneficial for our Academy members and the movie industry," said Academy leadership in a release.
For many years, audience numbers of the awards show have declined, though there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers streaming from cell phones and desktops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "among our essential cultural institutions" and noted that teaming up with the Academy would "spark a fresh wave of creativity and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has aired the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will continue to air.
This shift coincides with large entertainment companies confront challenging merger discussions. Both options were considered unfavourable for an business that has experienced severe reductions over the last few years.
Similar to big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for streaming services instead.
YouTube winning rights to the Academy Awards clearly signals that reliance on online services will continue to grow.
