The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards are set to start airing only on YouTube in 2029, signaling the latest significant change in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it signed a multi-year deal giving YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has aired for 50 years on ABC. Starting in 2029, the show will be accessible as a free live stream on YouTube.
It's one more major restructuring in Hollywood, which is navigating studio sales and mergers, in addition to steep production cuts.
"The Academy is an international organization, and this partnership will allow us to increase availability to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the movie industry," said the Academy's executives in a release.
Throughout a long period, viewership of the ceremony have fallen, although there was a minor increase in recent years, with a significant number of younger viewers streaming from smartphones and laptops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our vital cultural institutions" and said that teaming up with the Academy would "inspire a fresh wave of artistic expression and film lovers while staying true to the Oscars' illustrious heritage".
The broadcast network, which has aired the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will retain rights for.
This shift comes as large entertainment companies deal with intricate takeover attempts. Both options were considered concerning for an business that has witnessed significant downsizing over the last few years.
Similar to major studios, cable networks have struggled as the viewers has chosen digital platforms instead.
YouTube winning broadcasting rights to the Oscars strongly indicates that the dominance of streaming sites will continue expanding.
