The Academy Awards Are Exiting ABC and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will begin broadcasting solely on YouTube in 2029, marking the newest major transformation in Hollywood.
The organization behind the Oscars made the announcement on this week, confirming that it signed a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for five decades on the traditional network. Starting in 2029, the ceremony will be viewable live and for free on the digital platform.
This is one more major restructuring in the entertainment world, which is grappling with studio sales and mergers, in addition to severe production cuts.
"Our Academy represents an global institution, and this partnership will permit us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our Academy members and the film community," said the Academy's executives in a statement.
For many years, audience numbers of the ceremony have dropped, even if there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and desktops.
In a corresponding announcement, the head of YouTube called the Oscars "among our essential cultural touchstones" and noted that teaming up with the Academy would "spark a new generation of artistic expression and movie fans while adhering to the Oscars' storied legacy".
ABC, which has aired the awards since 1976, commented that it was looking forward "to hosting the event three more times" it will continue to air.
The move comes as film industry giants confront challenging merger discussions. Such proposals were seen as concerning for an business that has witnessed significant downsizing over the last few years.
Like major studios, traditional TV channels have faced issues as the audience has shifted towards on-demand video instead.
The platform securing rights to the Academy Awards strongly indicates that the dominance of digital platforms will continue to grow.
