The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards are set to start airing only on YouTube in the year 2029, marking the latest significant transformation in the film industry.
The organization behind the Oscars declared the decision on this week, stating that it entered into a extended contract granting YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, which is planned for 15 March, has aired for five decades on ABC. Starting in 2029, the show will be viewable live and for free on YouTube.
It's a further major upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, along with drastic production cuts.
"Our Academy represents an worldwide body, and this collaboration will permit us to expand access to the mission of the Academy to the biggest global viewership imaginable - which will be beneficial for our film artists and the movie industry," stated Academy leadership in a statement.
For many years, audience numbers of the televised event have declined, though there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and computers.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our essential cultural touchstones" and noted that teaming up with the Academy would "motivate a younger cohort of artistic expression and film lovers while remaining faithful to the Oscars' storied legacy".
ABC, which has aired the ceremony since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move follows large entertainment companies confront challenging merger discussions. These potential deals were considered unfavourable for an business that has experienced significant downsizing over the last few years.
Similar to big production houses, traditional TV channels have faced issues as the audience has increasingly opted for on-demand video instead.
The platform securing broadcasting rights to the Academy Awards further suggests that dependence on digital platforms will persist to grow.