The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start airing only on YouTube in 2029, representing the latest major shift in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it signed a long-term agreement granting YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the event will be accessible live and for free on the digital platform.
This is another major shakeup in Hollywood, which is navigating studio sales and mergers, in addition to severe production cuts.
"The Academy is an worldwide body, and this alliance will enable us to increase availability to the work of the Academy to the largest worldwide audience possible - which will be positive for our Academy members and the film community," remarked Academy leadership in a statement.
Over decades, audience numbers of the awards show have dropped, even if there was a minor increase in recent years, with a significant number of younger viewers tuning in from smartphones and desktops.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our essential pillars of culture" and added that working with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while adhering to the Oscars' storied history".
The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was looking forward "to the next three telecasts" it will retain rights for.
This decision coincides with major studios deal with intricate takeover attempts. These potential deals were viewed as problematic for an industry that has seen significant downsizing over the recent period.
Like big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for on-demand video instead.
YouTube obtaining broadcasting rights to the Academy Awards further suggests that the dominance of streaming sites will persist to grow.