The Oscars Will Leave ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will begin airing only on YouTube in 2029, signaling the latest substantial change in Hollywood.
The organization behind the Oscars revealed the news on this week, indicating that it signed a multi-year deal awarding the streaming service the unique international license to the Oscars up to 2033.
The awards show, scheduled for 15 March, has aired for a half a century on ABC. Beginning in 2029, the event will be available in real-time without charge on YouTube.
This is another substantial restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with severe reductions in filming.
"The Academy is an worldwide body, and this collaboration will enable us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a statement.
Over decades, viewership of the ceremony have declined, even if there was a slight uptick in recent years, with a considerable amount of younger viewers watching from smartphones and desktops.
In a related comment, the video platform's chief executive described the Oscars "one of our essential pillars of culture" and said that partnering with the Academy would "inspire a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was excited "to the next three telecasts" it will continue to air.
This decision coincides with large entertainment companies face challenging merger discussions. Both options were viewed as concerning for an sector that has witnessed severe reductions over the recent period.
In common with big production houses, cable networks have struggled as the viewers has shifted towards digital platforms instead.
YouTube winning the license to the Academy Awards further suggests that dependence on streaming sites will carry on to grow.
