The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence broadcasting solely on YouTube in the year 2029, representing the newest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it signed a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the event will be available live and for free on the digital platform.
It's one more substantial upheaval in Hollywood, which is dealing with corporate acquisitions and consolidations, in addition to steep slashes to movie budgets.
"The Academy is an international organization, and this collaboration will allow us to expand access to the activities of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the cinematic world," said organization heads in a statement.
For many years, viewership of the televised event have declined, although there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from mobile devices and computers.
In a corresponding announcement, the head of YouTube described the Oscars "one of our vital cultural institutions" and said that working with the Academy would "spark a younger cohort of creativity and film lovers while adhering to the Oscars' storied history".
ABC, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will continue to air.
The move follows film industry giants confront challenging merger discussions. Such proposals were seen as unfavourable for an sector that has seen severe reductions over the last few years.
In common with big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for on-demand video instead.
YouTube winning rights to the Academy Awards further suggests that dependence on streaming sites will continue expanding.
