The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards are set to start airing only on YouTube in the year 2029, signaling the most recent major shift in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, indicating that it finalized a long-term agreement giving the streaming service the unique international license to the Oscars up to 2033.
The Oscars, set for 15 March, has been televised for five decades on ABC. Starting in 2029, the event will be accessible in real-time without charge on YouTube.
It's another significant shakeup in Hollywood, which is dealing with studio sales and mergers, along with severe reductions in filming.
"The Academy is an international organization, and this collaboration will enable us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be beneficial for our film artists and the cinematic world," said Academy leadership in a release.
Over decades, viewership of the awards show have dropped, although there was a minor increase in recent years, with a notable portion of youthful audiences tuning in from cell phones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our fundamental cultural institutions" and noted that working with the Academy would "inspire a fresh wave of artistic expression and movie fans while adhering to the Oscars' illustrious heritage".
The broadcast network, which has streamed the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will still host.
This decision follows large entertainment companies confront intricate takeover attempts. Such proposals were seen as problematic for an sector that has witnessed significant downsizing over the last few years.
Like big production houses, traditional TV channels have encountered challenges as the public has chosen streaming services instead.
YouTube winning broadcasting rights to the Oscars clearly signals that the dominance of digital platforms will carry on to grow.
