The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards are set to start airing only on YouTube in 2029, representing the most recent major transformation in the film industry.
The organization behind the Oscars revealed the news on this week, confirming that it finalized a long-term agreement granting the streaming service the unique international license to the Oscars until 2033.
The Oscars, set for 15 March, has been broadcast for a half a century on the traditional network. Beginning in 2029, the ceremony will be accessible as a free live stream on the digital platform.
This is a further major shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, along with severe slashes to movie budgets.
"The Academy is an global institution, and this alliance will permit us to increase availability to the work of the Academy to the largest worldwide audience possible - which will be positive for our Academy members and the film community," remarked the Academy's executives in a statement.
Over decades, viewership of the ceremony have declined, even if there was a slight uptick in recent years, with a considerable amount of youthful audiences streaming from cell phones and laptops.
In a corresponding announcement, the head of YouTube described the Oscars "among our essential cultural touchstones" and added that teaming up with the Academy would "motivate a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".
ABC, which has streamed the awards since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will still host.
This decision follows major studios deal with challenging merger discussions. Both options were seen as concerning for an business that has experienced significant downsizing over the past several years.
In common with big production houses, cable networks have encountered challenges as the audience has chosen streaming services as an alternative.
The platform securing the license to the Oscars strongly indicates that reliance on online services will continue expanding.
