The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, signaling the latest significant change in Hollywood.
The organization behind the Oscars declared the decision on this week, confirming that it entered into a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has been televised for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable live and for free on YouTube.
This is another substantial shakeup in Hollywood, which is dealing with company buyouts and fusions, along with drastic reductions in filming.
"Our Academy represents an worldwide body, and this partnership will allow us to expand access to the activities of the Academy to the largest worldwide audience possible - which will be positive for our membership and the film community," remarked Academy leadership in a release.
For many years, audience numbers of the ceremony have declined, although there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from mobile devices and laptops.
In a related comment, the head of YouTube described the Oscars "a key essential cultural institutions" and added that working with the Academy would "spark a younger cohort of artistic expression and movie fans while adhering to the Oscars' illustrious history".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
This decision coincides with major studios deal with challenging merger discussions. Such proposals were seen as concerning for an sector that has experienced drastic cuts over the recent period.
Similar to big production houses, traditional TV channels have faced issues as the viewers has chosen streaming services as an alternative.
YouTube obtaining rights to the Academy Awards further suggests that dependence on digital platforms will carry on to grow.
