The Oscars to Depart ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will begin airing only on YouTube in the year 2029, signaling the most recent major shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it signed a multi-year deal awarding YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, set for 15 March, has been broadcast for a half a century on the traditional network. Beginning in 2029, the event will be available as a free live stream on YouTube.
It's one more substantial shakeup in the entertainment world, which is navigating studio sales and mergers, in addition to drastic reductions in filming.
"Our Academy represents an global institution, and this partnership will enable us to broaden reach to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the cinematic world," said the Academy's executives in a release.
Throughout a long period, viewership of the televised event have dropped, although there was a minor increase in recent years, with a significant number of youthful audiences tuning in from cell phones and laptops.
In a separate statement, YouTube's CEO described the Oscars "a key fundamental pillars of culture" and said that partnering with the Academy would "motivate a younger cohort of artistic expression and movie fans while staying true to the Oscars' illustrious heritage".
The broadcast network, which has aired the awards since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This decision coincides with large entertainment companies deal with intricate takeover attempts. These potential deals were seen as concerning for an industry that has seen significant downsizing over the past several years.
Similar to major studios, traditional TV channels have struggled as the viewers has chosen streaming services as an alternative.
The platform securing rights to the Oscars further suggests that reliance on streaming sites will persist increasing.
