The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will begin airing only on YouTube in the year 2029, representing the latest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it entered into a long-term agreement awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for March 15th, has aired for a half a century on ABC. Starting in 2029, the event will be accessible live and for free on YouTube.
This is a further major restructuring in the entertainment world, which is grappling with company buyouts and fusions, along with steep slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will permit us to expand access to the work of the Academy to the largest worldwide audience possible - which will be beneficial for our membership and the movie industry," stated the Academy's executives in a statement.
For many years, ratings of the ceremony have dropped, although there was a minor increase in recent years, with a notable portion of younger viewers tuning in from cell phones and laptops.
In a corresponding announcement, the head of YouTube called the Oscars "a key vital cultural institutions" and said that partnering with the Academy would "spark a younger cohort of innovation and film lovers while staying true to the Oscars' storied heritage".
The broadcast network, which has streamed the ceremony since 1976, said that it was excited "to the next three telecasts" it will continue to air.
The move coincides with major studios deal with complex corporate battles. Such proposals were considered unfavourable for an industry that has experienced significant downsizing over the last few years.
In common with major studios, cable networks have encountered challenges as the viewers has chosen digital platforms as an alternative.
YouTube obtaining broadcasting rights to the Oscars clearly signals that the dominance of streaming sites will continue to grow.
