The Oscars to Depart ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, marking the most recent substantial shift in Hollywood.
The organization behind the Oscars declared the decision on this week, confirming that it entered into a extended contract giving YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for 15 March, has been televised for 50 years on ABC. Starting in 2029, the show will be accessible live and for free on the digital platform.
It's a further significant restructuring in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this partnership will enable us to broaden reach to the work of the Academy to the most extensive international crowd attainable - which will be beneficial for our film artists and the cinematic world," stated organization heads in a statement.
Over decades, viewership of the awards show have declined, though there was a minor increase in recent years, with a considerable amount of younger viewers watching from smartphones and desktops.
In a corresponding announcement, the video platform's chief executive called the Oscars "among our fundamental pillars of culture" and noted that teaming up with the Academy would "inspire a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has aired the awards since 1976, said that it was excited "to hosting the event three more times" it will continue to air.
This decision comes as large entertainment companies face challenging merger discussions. Such proposals were considered problematic for an business that has experienced significant downsizing over the recent period.
Similar to major studios, cable networks have encountered challenges as the viewers has chosen streaming services instead.
The platform securing broadcasting rights to the Oscars clearly signals that reliance on streaming sites will carry on increasing.
