The Academy Awards Will Leave ABC and Stream on the Video Platform Starting in 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, signaling the latest major shift in Hollywood.
The organization behind the Oscars made the announcement on this week, confirming that it entered into a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has aired for five decades on the traditional network. Beginning in 2029, the event will be available as a free live stream on the digital platform.
It's another major shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, along with drastic slashes to movie budgets.
"The Academy is an worldwide body, 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 film artists and the film community," said Academy leadership in a release.
Throughout a long period, ratings of the ceremony have fallen, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers streaming from smartphones and computers.
In a related comment, YouTube's CEO called the Oscars "among our fundamental cultural institutions" and said that teaming up with the Academy would "spark a new generation of innovation and cinema enthusiasts while staying true to the Oscars' illustrious legacy".
ABC, which has streamed the awards since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This shift coincides with major studios deal with complex corporate battles. Such proposals were seen as concerning for an industry that has experienced drastic cuts over the last few years.
Similar to major studios, traditional TV channels have struggled as the public has chosen on-demand video instead.
YouTube obtaining rights to the Oscars clearly signals that reliance on streaming sites will continue expanding.