The Oscars Are Exiting ABC and Stream on the Video Platform Beginning in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, representing the most recent substantial shift in the film industry.
The organization behind the Oscars made the announcement on Wednesday, indicating that it signed a extended contract awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has been televised for a half a century on the traditional network. Beginning in 2029, the event will be available live and for free on YouTube.
This is a further major shakeup in the entertainment world, which is navigating studio sales and mergers, along with drastic production cuts.
"Our Academy represents an global institution, and this alliance will permit us to increase availability to the work of the Academy to the largest worldwide audience attainable - which will be beneficial for our film artists and the cinematic world," stated Academy leadership in a statement.
Throughout a long period, audience numbers of the ceremony have fallen, even if there was a slight uptick in recent years, with a notable portion of younger viewers tuning in from mobile devices and computers.
In a related comment, the video platform's chief executive referred to the Oscars "among our fundamental cultural institutions" and added that partnering with the Academy would "inspire a younger cohort of artistic expression and movie fans while adhering to the Oscars' illustrious legacy".
ABC, which has aired the ceremony since the mid-1970s, said that it was excited "to the next three telecasts" it will still host.
This decision comes as film industry giants deal with complex corporate battles. Both options were seen as concerning for an industry that has seen drastic cuts over the past several years.
In common with big production houses, traditional TV channels have encountered challenges as the public has shifted towards digital platforms instead.
The platform securing rights to the Oscars further suggests that the dominance of streaming sites will continue expanding.
