The Oscars to Depart Broadcast TV and Stream on the Video Platform Starting in 2029.
The Academy Awards are set to start airing only on YouTube in the year 2029, representing the latest major shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it signed a long-term agreement giving YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, scheduled for 15 March, has been broadcast for a half a century on ABC. Starting in 2029, the event will be available in real-time without charge on YouTube.
This is a further substantial shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with steep production cuts.
"The Academy is an international organization, and this alliance will enable us to increase availability to the mission of the Academy to the most extensive international crowd attainable - which will be positive for our Academy members and the cinematic world," said organization heads in a statement.
Throughout a long period, viewership of the ceremony have dropped, though there was a slight uptick in recent years, with a significant number of youthful audiences streaming from smartphones and computers.
In a separate statement, the head of YouTube described the Oscars "a key fundamental cultural touchstones" and added that partnering with the Academy would "inspire a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' illustrious legacy".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will still host.
This decision coincides with large entertainment companies deal with challenging merger discussions. Such proposals were viewed as concerning for an business that has witnessed drastic cuts over the last few years.
Similar to major studios, traditional TV channels have struggled as the public has increasingly opted for digital platforms instead.
YouTube obtaining rights to the Oscars clearly signals that the dominance of streaming sites will carry on expanding.
