The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, representing the newest substantial change in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, confirming that it entered into a long-term agreement granting YouTube the unique international license to the Oscars up to 2033.
The Oscars, set for March 15th, has been broadcast for five decades on ABC. Starting in 2029, the event will be accessible as a free live stream on the digital platform.
It's a further major restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, along with drastic reductions in filming.
"The Academy is an international organization, and this collaboration will permit us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be advantageous for our membership and the movie industry," remarked the Academy's executives in a announcement.
Throughout a long period, viewership of the awards show have declined, though there was a minor increase in recent years, with a notable portion of younger viewers tuning in from cell phones and desktops.
In a corresponding announcement, the head of YouTube called the Oscars "among our essential pillars of culture" and added that working with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious history".
ABC, which has aired the awards since 1976, commented that it was looking forward "to the next three telecasts" it will continue to air.
The move comes as film industry giants face complex corporate battles. These potential deals were considered problematic for an business that has experienced drastic cuts over the last few years.
Like major studios, traditional TV channels have encountered challenges as the viewers has chosen streaming services as an alternative.
YouTube winning broadcasting rights to the Oscars clearly signals that the dominance of digital platforms will carry on expanding.
