The Academy Awards Are Exiting ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, signaling the latest substantial change in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, indicating that it finalized a extended contract granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has been televised for five decades on ABC. Commencing in 2029, the event will be available live and for free on YouTube.
This is one more significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with severe slashes to movie budgets.
"Our Academy represents an international organization, and this collaboration will permit us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be positive for our membership and the film community," remarked Academy leadership in a announcement.
Throughout a long period, audience numbers of the awards show have fallen, even if there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from cell phones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our fundamental cultural institutions" and added that partnering with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious legacy".
ABC, which has streamed the awards since 1976, said that it was excited "to the upcoming broadcasts" it will continue to air.
This shift coincides with large entertainment companies face complex corporate battles. Such proposals were viewed as unfavourable for an sector that has witnessed significant downsizing over the recent period.
In common with major studios, cable networks have encountered challenges as the audience has chosen digital platforms as an alternative.
The platform securing the license to the Academy Awards clearly signals that reliance on online services will carry on to grow.
