The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, marking the most recent major transformation in the film industry.
The organization behind the Oscars revealed the news on this week, confirming that it finalized a multi-year deal granting the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has been broadcast for a half a century on the traditional network. Commencing in 2029, the ceremony will be available as a free live stream on YouTube.
This is another major restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with drastic production cuts.
"The Academy is an international organization, and this alliance will allow us to expand access to the activities of the Academy to the biggest global viewership possible - which will be beneficial for our Academy members and the film community," stated Academy leadership in a statement.
Throughout a long period, viewership of the televised event have declined, although there was a slight uptick in recent years, with a considerable amount of youthful audiences watching from smartphones and desktops.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our essential cultural touchstones" and added that teaming up with the Academy would "motivate a new generation of creativity and movie fans while remaining faithful to the Oscars' celebrated heritage".
The broadcast network, which has streamed the ceremony since 1976, said that it was excited "to the upcoming broadcasts" it will still host.
The move coincides with major studios deal with intricate takeover attempts. Such proposals were seen as unfavourable for an sector that has seen drastic cuts over the past several years.
In common with major studios, cable networks have struggled as the public has chosen on-demand video as an alternative.
YouTube winning the license to the Academy Awards further suggests that dependence on streaming sites will persist to grow.
