The Academy Awards Are Exiting ABC and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, marking the most recent significant transformation in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, indicating that it entered into a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has aired for 50 years on ABC. Beginning in 2029, the event will be viewable live and for free on YouTube.
This is another substantial upheaval in the entertainment world, which is navigating company buyouts and fusions, along with drastic production cuts.
"Our Academy represents an international organization, and this alliance will allow us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be positive for our membership and the film community," said Academy leadership in a statement.
Over decades, audience numbers of the ceremony have dropped, although there was a small rise in recent years, with a significant number of Gen Z and millennial watchers watching from mobile devices and computers.
In a related comment, the head of YouTube referred to the Oscars "a key essential cultural touchstones" and added that teaming up with the Academy would "inspire a fresh wave of artistic expression and film lovers while adhering to the Oscars' celebrated history".
The broadcast network, which has aired the ceremony since 1976, stated that it was looking forward "to hosting the event three more times" it will still host.
The move coincides with film industry giants deal with intricate takeover attempts. Such proposals were viewed as concerning for an industry that has seen drastic cuts over the past several years.
Like big production houses, traditional TV channels have faced issues as the public has chosen streaming services instead.
YouTube winning rights to the Oscars clearly signals that reliance on digital platforms will continue increasing.