The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony will begin airing only on the global video platform in 2029, representing the latest major transformation in Hollywood.
The organization behind the Oscars revealed the news on this week, confirming that it finalized a extended contract giving YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, set for 15 March, has been broadcast for 50 years on ABC. Commencing in 2029, the event will be accessible as a free live stream on the digital platform.
This is a further major upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with drastic production cuts.
"Our Academy represents an global institution, and this alliance will enable us to increase availability to the mission of the Academy to the most extensive international crowd attainable - which will be beneficial for our membership and the film community," said organization heads in a announcement.
For many years, ratings of the televised event have declined, even if there was a minor increase in recent years, with a significant number of youthful audiences streaming from cell phones and desktops.
In a related comment, the video platform's chief executive referred to the Oscars "among our vital pillars of culture" and added that teaming up with the Academy would "spark a younger cohort of artistic expression and movie fans while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has televised the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
This shift coincides with film industry giants confront challenging merger discussions. These potential deals were viewed as unfavourable for an sector that has witnessed severe reductions over the recent period.
In common with big production houses, cable networks have encountered challenges as the audience has increasingly opted for streaming services instead.
YouTube obtaining broadcasting rights to the Oscars clearly signals that dependence on online services will persist to grow.
