The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, signaling the newest significant transformation in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it signed a extended contract giving the streaming service the unique international license to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been televised for a half a century on ABC. Commencing in 2029, the show will be accessible live and for free on the digital platform.
It's one more substantial shakeup in the entertainment world, which is dealing with studio sales and mergers, coupled with drastic reductions in filming.
"The Academy is an worldwide body, and this collaboration will allow us to increase availability to the mission of the Academy to the most extensive international crowd imaginable - which will be positive for our Academy members and the film community," said organization heads in a statement.
Over decades, ratings of the awards show have declined, although there was a minor increase in recent years, with a notable portion of younger viewers streaming from cell phones and desktops.
In a related comment, the head of YouTube referred to the Oscars "one of our vital cultural touchstones" and noted that working with the Academy would "inspire a younger cohort of creativity and film lovers while staying true to the Oscars' illustrious history".
The broadcast network, which has aired the ceremony since 1976, stated that it was eagerly anticipating "to the next three telecasts" it will still host.
This shift comes as large entertainment companies face challenging merger discussions. These potential deals were considered concerning for an industry that has witnessed severe reductions over the last few years.
Similar to big production houses, traditional TV channels have encountered challenges as the viewers has chosen streaming services instead.
YouTube winning rights to the Academy Awards further suggests that the dominance of streaming sites will continue expanding.
