The Academy Awards Are Exiting ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, representing the most recent major shift in the film industry.
The organization behind the Oscars made the announcement on this week, indicating that it signed a multi-year deal granting YouTube the unique international license to the Oscars until 2033.
The Oscars, scheduled for 15 March, has aired for five decades on ABC. Starting in 2029, the show will be available in real-time without charge on the digital platform.
It's a further significant upheaval in the entertainment world, which is navigating studio sales and mergers, in addition to steep reductions in filming.
"Our Academy represents an international organization, and this alliance will enable us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be beneficial for our membership and the movie industry," remarked the Academy's executives in a release.
For many years, ratings of the awards show have declined, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from cell phones and desktops.
In a related comment, the video platform's chief executive described the Oscars "among our fundamental cultural touchstones" and added that working with the Academy would "inspire a younger cohort of innovation and film lovers while adhering to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since 1976, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move comes as large entertainment companies deal with complex corporate battles. Such proposals were seen as unfavourable for an business that has witnessed significant downsizing over the last few years.
In common with major studios, cable networks have encountered challenges as the public has chosen digital platforms as an alternative.
The platform securing the license to the Oscars further suggests that reliance on digital platforms will continue expanding.
