The Academy Awards Will Leave ABC and Broadcast Live on YouTube Starting in 2029.
The Academy Awards are set to start airing only on YouTube in 2029, marking the newest significant shift in the film industry.
The organization behind the Oscars revealed the news on this week, stating that it finalized a long-term agreement awarding the streaming service the unique international license to the Oscars until 2033.
The Oscars, set for 15 March, has aired for five decades on ABC. Starting in 2029, the ceremony will be viewable as a free live stream on YouTube.
It's one more significant restructuring in the entertainment world, which is navigating company buyouts and fusions, in addition to severe production cuts.
"Our Academy represents an worldwide body, and this alliance will permit us to increase availability to the activities of the Academy to the largest worldwide audience attainable - which will be advantageous for our membership and the cinematic world," remarked Academy leadership in a announcement.
Over decades, ratings of the televised event have fallen, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers watching from cell phones and laptops.
In a separate statement, YouTube's CEO described the Oscars "among our vital cultural touchstones" and added that teaming up with the Academy would "spark a new generation of creativity and film lovers while staying true to the Oscars' celebrated legacy".
The broadcast network, which has televised the awards since 1976, said that it was looking forward "to the next three telecasts" it will retain rights for.
This decision comes as film industry giants deal with intricate takeover attempts. These potential deals were seen as problematic for an business that has experienced significant downsizing over the last few years.
In common with big production houses, cable networks have faced issues as the viewers has increasingly opted for streaming services instead.
YouTube obtaining rights to the Oscars strongly indicates that reliance on online services will persist to grow.