The Academy Awards Will Leave ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony are set to start broadcasting solely on the global video platform in the year 2029, representing the most recent major shift in the film industry.
The organization behind the Oscars revealed the news on this week, indicating that it finalized a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, set for 15 March, has aired for five decades on ABC. Starting in 2029, the ceremony will be accessible live and for free on the digital platform.
It's one more substantial shakeup in the entertainment world, which is navigating company buyouts and fusions, coupled with steep production cuts.
"Our Academy represents an global institution, and this collaboration will allow 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," stated the Academy's executives in a announcement.
For many years, audience numbers of the ceremony have dropped, although there was a small rise in recent years, with a considerable amount of youthful audiences streaming from cell phones and computers.
In a related comment, the head of YouTube described the Oscars "among our vital cultural touchstones" and noted that working with the Academy would "motivate a younger cohort of innovation and film lovers while adhering to the Oscars' celebrated history".
The broadcast network, which has aired the awards since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will still host.
This shift comes as large entertainment companies deal with intricate takeover attempts. Such proposals were seen as problematic for an industry that has witnessed drastic cuts over the past several years.
In common with major studios, traditional TV channels have struggled as the public has increasingly opted for digital platforms as an alternative.
The platform securing rights to the Oscars further suggests that reliance on online services will carry on to grow.
