The Oscars Are Exiting ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start broadcasting solely on the global video platform in the year 2029, marking the most recent significant change in Hollywood.
The organization behind the Oscars revealed the news on this week, confirming that it finalized a extended contract granting YouTube the unique international license to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on the traditional network. Starting in 2029, the event will be viewable in real-time without charge on YouTube.
This is one more major upheaval in Hollywood, which is navigating studio sales and mergers, coupled with drastic slashes to movie budgets.
"Our Academy represents an international organization, and this partnership will permit us to broaden reach to the activities of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a statement.
For many years, ratings of the ceremony have dropped, though there was a minor increase in recent years, with a considerable amount of younger viewers streaming from smartphones and laptops.
In a separate statement, YouTube's CEO described the Oscars "a key vital cultural touchstones" and noted that working with the Academy would "spark a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' illustrious history".
ABC, which has aired the awards since 1976, stated that it was excited "to hosting the event three more times" it will still host.
This decision coincides with film industry giants deal with complex corporate battles. Both options were seen as concerning for an industry that has witnessed significant downsizing over the last few years.
Similar to big production houses, cable networks have encountered challenges as the audience has shifted towards streaming services instead.
YouTube obtaining broadcasting rights to the Oscars clearly signals that reliance on streaming sites will continue to grow.
