The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in 2029, marking the latest major transformation in the film industry.
The organization behind the Oscars declared the decision on Wednesday, indicating that it signed a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, set for March 15th, has been televised for a half a century on ABC. Starting in 2029, the event will be viewable as a free live stream on the digital platform.
This is another major upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will enable us to increase availability to the activities of the Academy to the biggest global viewership possible - which will be positive for our film artists and the film community," stated the Academy's executives in a statement.
Throughout a long period, audience numbers of the ceremony have fallen, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers watching from mobile devices and desktops.
In a corresponding announcement, YouTube's CEO called the Oscars "a key essential cultural institutions" and added that teaming up with the Academy would "inspire a fresh wave of artistic expression and film lovers while adhering to the Oscars' celebrated heritage".
The broadcast network, which has televised the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This decision coincides with major studios face challenging merger discussions. Both options were seen as problematic for an sector that has witnessed significant downsizing over the past several years.
Similar to big production houses, traditional TV channels have encountered challenges as the viewers has increasingly opted for on-demand video as an alternative.
The platform securing rights to the Academy Awards further suggests that dependence on streaming sites will continue to grow.
