The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards are set to start airing only on the global video platform in 2029, marking the most recent significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it finalized a long-term agreement granting YouTube the unique international license to the Oscars through 2033.
The awards show, set for March 15th, has been broadcast for five decades on ABC. Starting in 2029, the ceremony will be viewable in real-time without charge on the digital platform.
This is another major restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with drastic production cuts.
"Our Academy represents an international organization, and this partnership will allow us to increase availability to the activities of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the film community," stated the Academy's executives in a announcement.
Over decades, audience numbers of the televised event have fallen, although there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and desktops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our fundamental pillars of culture" and added that teaming up with the Academy would "inspire a new generation of innovation and film lovers while staying true to the Oscars' illustrious history".
ABC, which has televised the awards since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This decision follows film industry giants deal with intricate takeover attempts. These potential deals were seen as problematic for an business that has witnessed drastic cuts over the past several years.
Like major studios, traditional TV channels have faced issues as the public has increasingly opted for on-demand video instead.
YouTube winning broadcasting rights to the Oscars further suggests that the dominance of online services will persist to grow.
