The Oscars Will Leave ABC and Stream on the Video Platform Starting in 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, representing the most recent significant change in the film industry.
The organization behind the Oscars revealed the news on Wednesday, indicating that it entered into a extended contract awarding YouTube the unique international license to the Oscars until 2033.
The awards show, set for March 15th, has been televised for a half a century on ABC. Starting in 2029, the event will be available as a free live stream on YouTube.
It's a further significant restructuring in the entertainment world, which is grappling with studio sales and mergers, in addition to drastic reductions in filming.
"Our Academy represents an international organization, and this partnership will permit us to increase availability to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the movie industry," said organization heads in a statement.
Over decades, viewership of the televised event have fallen, though there was a minor increase in recent years, with a significant number of youthful audiences streaming from cell phones and laptops.
In a related comment, the video platform's chief executive described the Oscars "among our fundamental pillars of culture" and said that partnering with the Academy would "motivate a fresh wave of creativity and movie fans while remaining faithful to the Oscars' celebrated heritage".
ABC, which has aired the ceremony since 1976, stated that it was excited "to hosting the event three more times" it will retain rights for.
This decision coincides with large entertainment companies deal with complex corporate battles. Such proposals were considered concerning for an business that has witnessed significant downsizing over the recent period.
In common with big production houses, cable networks have faced issues as the audience has shifted towards on-demand video instead.
YouTube obtaining the license to the Oscars further suggests that dependence on streaming sites will continue expanding.
