The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, representing the most recent major transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a long-term agreement granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for 50 years on the traditional network. Commencing in 2029, the ceremony will be viewable live and for free on the digital platform.
This is another significant upheaval in the entertainment world, which is grappling with studio sales and mergers, in addition to severe production cuts.
"The Academy is an global institution, and this alliance will permit us to expand access to the activities of the Academy to the largest worldwide audience possible - which will be advantageous for our Academy members and the movie industry," said Academy leadership in a release.
For many years, ratings of the ceremony have declined, though there was a minor increase in recent years, with a notable portion of younger viewers tuning in from smartphones and computers.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our essential pillars of culture" and said that teaming up with the Academy would "inspire a younger cohort of creativity and film lovers while staying true to the Oscars' illustrious history".
ABC, which has streamed the awards since 1976, commented that it was looking forward "to the upcoming broadcasts" it will continue to air.
This shift follows film industry giants face challenging merger discussions. Such proposals were viewed as concerning for an industry that has seen significant downsizing over the recent period.
Like major studios, traditional TV channels have encountered challenges as the audience has chosen streaming services instead.
YouTube obtaining rights to the Academy Awards further suggests that reliance on digital platforms will carry on increasing.