The Academy Awards Are Exiting ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, signaling the latest substantial transformation in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, indicating that it finalized a extended contract awarding YouTube the exclusive global rights to the Oscars until 2033.
The Oscars, set for 15 March, has been televised for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable as a free live stream on YouTube.
This is another significant upheaval in the entertainment world, which is dealing with studio sales and mergers, in addition to severe reductions in filming.
"The Academy is an worldwide body, and this alliance will allow us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the film community," remarked organization heads in a announcement.
Throughout a long period, ratings of the awards show have dropped, although there was a small rise in recent years, with a considerable amount of younger viewers tuning in from mobile devices and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "one of our vital cultural touchstones" and added that partnering with the Academy would "motivate a fresh wave of creativity and film lovers while adhering to the Oscars' celebrated legacy".
ABC, which has streamed the awards since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will continue to air.
The move coincides with large entertainment companies face intricate takeover attempts. Both options were considered unfavourable for an sector that has witnessed significant downsizing over the past several years.
Like big production houses, cable networks have struggled as the audience has increasingly opted for streaming services instead.
The platform securing the license to the Academy Awards further suggests that the dominance of online services will persist increasing.
