The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony are set to start broadcasting solely on the global video platform in 2029, signaling the latest major change in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been broadcast for a half a century on the traditional network. Starting in 2029, the show will be viewable live and for free on YouTube.
It's another major restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep slashes to movie budgets.
"The Academy is an global institution, and this partnership will permit us to expand access to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the cinematic world," said the Academy's executives in a statement.
Over decades, viewership of the ceremony have dropped, though there was a minor increase in recent years, with a significant number of youthful audiences tuning in from mobile devices and computers.
In a separate statement, YouTube's CEO described the Oscars "among our fundamental pillars of culture" and noted that partnering with the Academy would "inspire a fresh wave of creativity and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".
ABC, which has aired the ceremony since 1976, stated that it was looking forward "to the upcoming broadcasts" it will still host.
This decision comes as film industry giants deal with intricate takeover attempts. Both options were viewed as concerning for an industry that has experienced severe reductions over the recent period.
Similar to big production houses, traditional TV channels have faced issues as the audience has chosen on-demand video instead.
YouTube winning broadcasting rights to the Academy Awards clearly signals that the dominance of streaming sites will carry on increasing.
