The Academy Awards to Depart ABC and Stream on YouTube Beginning in 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in the year 2029, marking the newest significant transformation in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it entered into a extended contract awarding YouTube the unique international license to the Oscars through 2033.
The awards show, scheduled for March 15th, has been televised for five decades on ABC. Commencing in 2029, the ceremony will be available live and for free on the digital platform.
It's one more substantial upheaval in the entertainment world, which is dealing with studio sales and mergers, in addition to drastic production cuts.
"The Academy is an international organization, and this partnership will enable us to broaden reach to the activities of the Academy to the biggest global viewership possible - which will be advantageous for our membership and the film community," remarked the Academy's executives in a announcement.
Over decades, audience numbers of the ceremony have fallen, even if there was a small rise in recent years, with a considerable amount of youthful audiences watching from smartphones and desktops.
In a corresponding announcement, YouTube's CEO called the Oscars "a key vital cultural touchstones" and said that working with the Academy would "motivate a fresh wave of innovation and film lovers while staying true to the Oscars' storied legacy".
ABC, which has streamed the ceremony since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will still host.
This decision comes as film industry giants confront challenging merger discussions. Such proposals were seen as concerning for an industry that has witnessed significant downsizing over the past several years.
In common with big production houses, cable networks have faced issues as the public has shifted towards on-demand video instead.
YouTube obtaining the license to the Oscars further suggests that reliance on streaming sites will continue to grow.
