The Academy Awards Will Leave ABC and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in 2029, representing the latest significant shift in the film industry.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a multi-year deal awarding YouTube the unique international license to the Oscars until 2033.
The Oscars, which is planned for 15 March, has aired for a half a century on ABC. Beginning in 2029, the ceremony will be accessible live and for free on the digital platform.
This is one more substantial upheaval in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep production cuts.
"Our Academy represents an global institution, and this alliance will permit us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our Academy members and the movie industry," said organization heads in a release.
Over decades, ratings of the televised event have declined, though there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from mobile devices and laptops.
In a separate statement, YouTube's CEO called the Oscars "one of our essential cultural institutions" and said that working with the Academy would "motivate a fresh wave of creativity and movie fans while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has televised the ceremony since 1976, said that it was excited "to the next three telecasts" it will still host.
This decision coincides with major studios deal with intricate takeover attempts. These potential deals were viewed as problematic for an business that has experienced significant downsizing over the past several years.
Similar to major studios, traditional TV channels have encountered challenges as the viewers has chosen streaming services instead.
YouTube winning the license to the Academy Awards clearly signals that the dominance of streaming sites will continue expanding.
