The Academy Awards Will Leave ABC and Stream on the Video Platform Starting in 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in the year 2029, representing the newest major change in the film industry.
The organization behind the Oscars revealed the news on Wednesday, stating that it finalized a long-term agreement granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been televised for 50 years on ABC. Starting in 2029, the ceremony will be available as a free live stream on the digital platform.
It's one more significant restructuring in Hollywood, which is dealing with company buyouts and fusions, in addition to steep slashes to movie budgets.
"Our Academy represents an worldwide body, and this alliance will enable us to increase availability to the work of the Academy to the most extensive international crowd imaginable - which will be positive for our Academy members and the cinematic world," stated Academy leadership in a statement.
Over decades, viewership of the awards show have declined, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and desktops.
In a corresponding announcement, the head of YouTube called the Oscars "one of our fundamental cultural institutions" and added that teaming up with the Academy would "spark a new generation of creativity and movie fans while adhering to the Oscars' storied heritage".
ABC, which has streamed the awards since the mid-1970s, stated that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
The move coincides with large entertainment companies confront intricate takeover attempts. Both options were considered problematic for an sector that has seen significant downsizing over the recent period.
In common with big production houses, traditional TV channels have faced issues as the audience has chosen on-demand video instead.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that the dominance of online services will continue increasing.
