The Oscars Are Exiting ABC and Stream on YouTube Beginning in 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, marking the latest substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a extended contract granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has aired for a half a century on ABC. Beginning in 2029, the ceremony will be viewable in real-time without charge on the digital platform.
It's a further significant upheaval in Hollywood, which is dealing with studio sales and mergers, along with steep production cuts.
"Our Academy represents an global institution, and this collaboration will permit us to increase availability to the work of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the movie industry," remarked Academy leadership in a release.
Over decades, viewership of the ceremony have dropped, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and computers.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our vital pillars of culture" and noted that working with the Academy would "motivate a younger cohort of creativity and film lovers while adhering to the Oscars' illustrious heritage".
ABC, which has aired the awards since 1976, commented that it was looking forward "to the next three telecasts" it will still host.
This decision follows major studios face complex corporate battles. These potential deals were viewed as problematic for an industry that has witnessed significant downsizing over the past several years.
Like big production houses, traditional TV channels have faced issues as the audience has chosen streaming services instead.
YouTube obtaining rights to the Oscars strongly indicates that the dominance of streaming sites will carry on increasing.
