The Oscars Are Exiting ABC and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, marking the newest substantial change in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, confirming that it entered into a long-term agreement granting the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for March 15th, has aired for a half a century on ABC. Commencing in 2029, the show will be available live and for free on the digital platform.
It's another major restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with drastic reductions in filming.
"Our Academy represents an worldwide body, and this partnership will enable us to increase availability to the work of the Academy to the most extensive international crowd attainable - which will be positive for our Academy members and the film community," said organization heads in a release.
Over decades, audience numbers of the ceremony have dropped, though there was a slight uptick in recent years, with a considerable amount of younger viewers streaming from smartphones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "among our essential cultural touchstones" and noted that teaming up with the Academy would "inspire a fresh wave of artistic expression and movie fans while staying true to the Oscars' storied legacy".
ABC, which has streamed the awards since the mid-1970s, said that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
This shift comes as major studios confront complex corporate battles. Such proposals were seen as problematic for an business that has witnessed severe reductions over the recent period.
Similar to big production houses, cable networks have encountered challenges as the public has chosen streaming services as an alternative.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that the dominance of streaming sites will persist to grow.
