The Oscars Will Leave ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, marking the most recent major transformation in the film industry.
The organization behind the Oscars declared the decision on Wednesday, confirming that it entered into a extended contract giving YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, set for March 15th, has been televised for five decades on the traditional network. Starting in 2029, the event will be available in real-time without charge on the digital platform.
It's another major upheaval in Hollywood, which is navigating studio sales and mergers, along with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will enable us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our Academy members and the movie industry," remarked organization heads in a release.
For many years, ratings of the awards show have dropped, although there was a minor increase in recent years, with a significant number of younger viewers watching from smartphones and laptops.
In a related comment, the video platform's chief executive described the Oscars "a key essential pillars of culture" and added that working with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' storied legacy".
The broadcast network, which has aired the awards since 1976, stated that it was excited "to the upcoming broadcasts" it will retain rights for.
This shift comes as film industry giants confront complex corporate battles. Both options were seen as unfavourable for an industry that has witnessed severe reductions over the past several years.
Like big production houses, cable networks have encountered challenges as the viewers has increasingly opted for streaming services instead.
The platform securing rights to the Oscars clearly signals that dependence on digital platforms will carry on increasing.
