The Oscars to Depart ABC and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will commence airing only on the global video platform in 2029, representing the latest major transformation in the film industry.
The organization behind the Oscars declared the decision on Wednesday, confirming that it signed a extended contract giving YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, set for March 15th, has been televised for five decades on ABC. Commencing in 2029, the show will be accessible as a free live stream on YouTube.
It's one more significant shakeup in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to drastic reductions in filming.
"The Academy is an international organization, and this collaboration will permit us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the film community," remarked Academy leadership in a announcement.
For many years, ratings of the awards show have fallen, although there was a minor increase in recent years, with a significant number of youthful audiences watching from smartphones and desktops.
In a related comment, the head of YouTube referred to the Oscars "among our fundamental cultural institutions" and noted that working with the Academy would "inspire a new generation of creativity and movie fans while adhering to the Oscars' celebrated legacy".
ABC, which has televised the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will retain rights for.
This shift follows major studios deal with intricate takeover attempts. These potential deals were seen as unfavourable for an industry that has experienced drastic cuts over the past several years.
Similar to major studios, cable networks have encountered challenges as the audience has increasingly opted for digital platforms instead.
YouTube winning broadcasting rights to the Oscars further suggests that the dominance of streaming sites will continue to grow.
