The Academy Awards to Depart ABC and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will commence streaming exclusively on YouTube in the year 2029, marking the newest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it entered into a multi-year deal giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, set for 15 March, has been televised for 50 years on ABC. Commencing in 2029, the show will be viewable in real-time without charge on YouTube.
It's another substantial upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to steep production cuts.
"The Academy is an worldwide body, and this partnership will enable us to broaden reach to the activities of the Academy to the largest worldwide audience possible - which will be advantageous for our membership and the cinematic world," said Academy leadership in a statement.
For many years, viewership of the televised event have dropped, though there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers streaming from smartphones and desktops.
In a separate statement, YouTube's CEO called the Oscars "one of our essential pillars of culture" and noted that partnering with the Academy would "inspire a younger cohort of innovation and movie fans while staying true to the Oscars' storied history".
ABC, which has televised the awards since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
This shift comes as film industry giants deal with challenging merger discussions. Such proposals were seen as concerning for an sector that has witnessed drastic cuts over the past several years.
Similar to major studios, traditional TV channels have struggled as the viewers has chosen digital platforms as an alternative.
The platform securing broadcasting rights to the Academy Awards further suggests that dependence on online services will carry on increasing.
