The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence airing only on YouTube in 2029, signaling the latest significant shift in the film industry.
The organization behind the Oscars declared the decision on Wednesday, confirming that it signed a long-term agreement awarding the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has been broadcast for a half a century on ABC. Starting in 2029, the show will be viewable as a free live stream on the digital platform.
It's another major restructuring in Hollywood, which is dealing with studio sales and mergers, along with severe reductions in filming.
"Our Academy represents an global institution, and this collaboration will enable us to increase availability to the work of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the film community," stated the Academy's executives in a statement.
Over decades, viewership of the ceremony have fallen, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our fundamental pillars of culture" and noted that teaming up with the Academy would "inspire a fresh wave of creativity and cinema enthusiasts while adhering to the Oscars' celebrated legacy".
ABC, which has televised the awards since 1976, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move follows large entertainment companies deal with challenging merger discussions. Such proposals were considered problematic for an industry that has experienced severe reductions over the recent period.
Similar to major studios, cable networks have faced issues as the audience has chosen streaming services instead.
YouTube obtaining the license to the Academy Awards further suggests that the dominance of streaming sites will persist expanding.
