The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony will begin airing only on the global video platform in 2029, signaling the newest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it entered into a long-term agreement giving YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, set for 15 March, has been televised for a half a century on ABC. Starting in 2029, the ceremony will be viewable in real-time without charge on YouTube.
This is a further substantial upheaval in the entertainment world, which is dealing with company buyouts and fusions, along with steep slashes to movie budgets.
"The Academy is an international organization, and this partnership will enable us to increase availability to the work of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the movie industry," said organization heads in a release.
Throughout a long period, ratings of the televised event have fallen, though there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers watching from cell phones and computers.
In a related comment, YouTube's CEO referred to the Oscars "among our essential cultural institutions" and added that working with the Academy would "inspire a younger cohort of creativity and film lovers while staying true to the Oscars' illustrious heritage".
ABC, which has televised the awards since 1976, stated that it was excited "to the upcoming broadcasts" it will retain rights for.
This decision follows large entertainment companies confront challenging merger discussions. These potential deals were considered concerning for an business that has seen severe reductions over the past several years.
Like major studios, cable networks have struggled as the viewers has increasingly opted for digital platforms instead.
The platform securing the license to the Academy Awards further suggests that dependence on online services will persist to grow.
