The Oscars to Depart ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will begin airing only on YouTube in the year 2029, marking the most recent substantial change in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, confirming that it finalized a long-term agreement granting YouTube the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for March 15th, has been televised for 50 years on ABC. Commencing in 2029, the ceremony will be viewable in real-time without charge on the digital platform.
This is another major shakeup in Hollywood, which is navigating company buyouts and fusions, along with severe reductions in filming.
"Our Academy represents an worldwide body, and this alliance will permit us to expand access to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our film artists and the film community," said the Academy's executives in a statement.
For many years, audience numbers of the awards show have fallen, even if there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers streaming from mobile devices and desktops.
In a related comment, the video platform's chief executive called the Oscars "one of our fundamental pillars of culture" and said that teaming up with the Academy would "spark a new generation of artistic expression and movie fans while adhering to the Oscars' illustrious legacy".
The broadcast network, which has televised the awards since the mid-1970s, commented that it was looking forward "to the next three telecasts" it will continue to air.
The move coincides with major studios deal with complex corporate battles. These potential deals were viewed as problematic for an business that has witnessed severe reductions over the last few years.
Similar to big production houses, cable networks have faced issues as the audience has shifted towards digital platforms as an alternative.
YouTube obtaining rights to the Oscars strongly indicates that reliance on streaming sites will continue increasing.
