The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in the year 2029, marking the newest significant change in Hollywood.
The organization behind the Oscars declared the decision on this week, stating that it signed a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, set for March 15th, has been televised for 50 years on ABC. Commencing in 2029, the show will be available in real-time without charge on the digital platform.
It's another major upheaval in Hollywood, which is grappling with studio sales and mergers, in addition to drastic production cuts.
"Our Academy represents an worldwide body, and this collaboration will allow us to increase availability to the work of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the film community," said Academy leadership in a release.
For many years, viewership of the awards show have fallen, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and computers.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our essential pillars of culture" and noted that teaming up with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will continue to air.
This shift coincides with major studios confront complex corporate battles. Both options were viewed as problematic for an sector that has witnessed severe reductions over the past several years.
Similar to major studios, cable networks have struggled as the viewers has chosen digital platforms instead.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that dependence on streaming sites will carry on increasing.