The Oscars Will Leave ABC and Stream on the Video Platform Beginning in 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, signaling the latest major change in the film industry.
The organization behind the Oscars revealed the news on this week, confirming that it entered into a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, set for 15 March, has been broadcast for 50 years on ABC. Starting in 2029, the ceremony will be viewable in real-time without charge on YouTube.
This is another substantial shakeup in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with drastic production cuts.
"The Academy is an international organization, and this alliance will permit us to broaden reach to the activities of the Academy to the most extensive international crowd imaginable - which will be advantageous for our membership and the cinematic world," said organization heads in a statement.
Throughout a long period, audience numbers of the awards show have dropped, though there was a slight uptick in recent years, with a significant number of younger viewers streaming from smartphones and laptops.
In a corresponding announcement, YouTube's CEO described the Oscars "among our fundamental cultural institutions" and said that working with the Academy would "motivate a fresh wave of innovation and film lovers while adhering to the Oscars' storied heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was looking forward "to hosting the event three more times" it will retain rights for.
The move coincides with film industry giants confront complex corporate battles. Both options were seen as concerning for an sector that has seen drastic cuts over the recent period.
Like major studios, cable networks have struggled as the public has increasingly opted for streaming services as an alternative.
The platform securing broadcasting rights to the Academy Awards strongly indicates that the dominance of online services will continue to grow.
