The Academy Awards Will Leave ABC and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, representing the latest substantial change in Hollywood.
The organization behind the Oscars made the announcement on this week, confirming that it finalized a extended contract awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has aired for 50 years on ABC. Commencing in 2029, the show will be viewable as a free live stream on the digital platform.
It's one more significant shakeup in Hollywood, which is dealing with studio sales and mergers, coupled with drastic production cuts.
"Our Academy represents an global institution, and this collaboration will allow us to expand access to the work of the Academy to the biggest global viewership possible - which will be beneficial for our film artists and the movie industry," stated organization heads in a announcement.
For many years, viewership of the awards show have dropped, even if there was a slight uptick in recent years, with a notable portion of younger viewers streaming from mobile devices and computers.
In a related comment, the head of YouTube described the Oscars "one of our essential cultural institutions" and said that teaming up with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while staying true to the Oscars' storied legacy".
ABC, which has streamed the ceremony since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will still host.
The move comes as large entertainment companies confront intricate takeover attempts. Such proposals were seen as problematic for an industry that has seen drastic cuts over the past several years.
Similar to big production houses, cable networks have encountered challenges as the audience has shifted towards digital platforms instead.
YouTube obtaining rights to the Academy Awards strongly indicates that the dominance of digital platforms will continue expanding.
