The Oscars Are Exiting ABC and Stream on YouTube Beginning in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in 2029, marking the most recent substantial shift in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it signed a multi-year deal awarding the streaming service the unique international license to the Oscars until 2033.
The Oscars, set for March 15th, has aired for five decades on ABC. Commencing in 2029, the event will be viewable as a free live stream on YouTube.
It's another significant shakeup in the entertainment world, which is grappling with studio sales and mergers, coupled with steep production cuts.
"Our Academy represents an global institution, and this partnership will allow us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be positive for our membership and the cinematic world," said the Academy's executives in a statement.
Throughout a long period, ratings of the televised event have declined, though there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers watching from mobile devices and computers.
In a separate statement, YouTube's CEO described the Oscars "one of our fundamental cultural touchstones" and added that teaming up with the Academy would "spark a fresh wave of innovation and movie fans while staying true to the Oscars' storied heritage".
ABC, which has televised the awards since 1976, stated that it was looking forward "to the upcoming broadcasts" it will continue to air.
This shift comes as large entertainment companies deal with complex corporate battles. These potential deals were viewed as concerning for an sector that has experienced severe reductions over the recent period.
In common with major studios, cable networks have struggled as the audience has increasingly opted for on-demand video instead.
YouTube winning broadcasting rights to the Oscars strongly indicates that reliance on streaming sites will persist expanding.
