The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, marking the newest substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it entered into a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, which is planned for March 15th, has been broadcast for a half a century on ABC. Beginning in 2029, the show will be available in real-time without charge on YouTube.
It's a further significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to steep slashes to movie budgets.
"The Academy is an worldwide body, and this collaboration will permit us to broaden reach to the activities of the Academy to the largest worldwide audience possible - which will be beneficial for our Academy members and the cinematic world," stated organization heads in a release.
Over decades, audience numbers of the awards show have dropped, although there was a minor increase in recent years, with a considerable amount of youthful audiences watching from mobile devices and desktops.
In a separate statement, YouTube's CEO described the Oscars "among our vital cultural touchstones" and noted that teaming up with the Academy would "motivate a fresh wave of creativity and movie fans while remaining faithful to the Oscars' illustrious history".
ABC, which has televised the awards since 1976, said that it was excited "to the upcoming broadcasts" it will continue to air.
This decision comes as film industry giants deal with complex corporate battles. Such proposals were considered unfavourable for an industry that has seen severe reductions over the last few years.
Like major studios, cable networks have struggled as the public has chosen digital platforms as an alternative.
YouTube winning broadcasting rights to the Oscars further suggests that dependence on online services will continue increasing.
