The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, marking the newest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it signed a extended contract giving YouTube the unique international license to the Oscars through 2033.
The awards show, scheduled for March 15th, has been televised for five decades on the traditional network. Starting in 2029, the show will be available in real-time without charge on YouTube.
This is another major shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, along with steep production cuts.
"The Academy is an global institution, and this collaboration will permit us to expand access to the activities of the Academy to the largest worldwide audience possible - which will be positive for our film artists and the film community," remarked organization heads in a announcement.
For many years, audience numbers of the televised event have dropped, although there was a slight uptick in recent years, with a considerable amount of youthful audiences streaming from mobile devices and computers.
In a corresponding announcement, the head of YouTube described the Oscars "a key vital cultural institutions" and said that working with the Academy would "inspire a fresh wave of creativity and film lovers while adhering to the Oscars' storied heritage".
ABC, which has televised the awards since the mid-1970s, commented that it was excited "to the upcoming broadcasts" it will still host.
This shift follows major studios confront intricate takeover attempts. Such proposals were viewed as unfavourable for an industry that has witnessed drastic cuts over the last few years.
Like big production houses, traditional TV channels have encountered challenges as the audience has shifted towards digital platforms as an alternative.
YouTube winning the license to the Academy Awards clearly signals that dependence on streaming sites will continue increasing.
