The Oscars to Depart ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, representing the most recent major transformation in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, stating that it entered into a extended contract granting the streaming service the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has been broadcast for a half a century on the traditional network. Starting in 2029, the event will be available as a free live stream on the digital platform.
It's another major shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to severe reductions in filming.
"Our Academy represents an global institution, and this collaboration will allow us to broaden reach to the mission of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the cinematic world," said organization heads in a announcement.
Throughout a long period, audience numbers of the awards show have dropped, though there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and laptops.
In a corresponding announcement, YouTube's CEO called the Oscars "a key essential pillars of culture" and added that teaming up with the Academy would "spark a new generation of innovation and film lovers while staying true to the Oscars' celebrated history".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will continue to air.
This decision comes as large entertainment companies confront intricate takeover attempts. Both options were seen as problematic for an business that has seen significant downsizing over the recent period.
Like major studios, traditional TV channels have encountered challenges as the public has shifted towards streaming services as an alternative.
YouTube obtaining rights to the Academy Awards further suggests that dependence on digital platforms will continue expanding.
