The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, representing the latest substantial transformation in Hollywood.
The organization behind the Oscars revealed the news on this week, indicating that it finalized a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been televised for 50 years on ABC. Starting in 2029, the show will be viewable as a free live stream on the digital platform.
This is one more major shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, along with steep production cuts.
"Our Academy represents an global institution, and this collaboration will enable us to broaden reach to the activities of the Academy to the most extensive international crowd imaginable - which will be beneficial for our Academy members and the film community," said the Academy's executives in a statement.
For many years, ratings of the awards show have fallen, even if there was a slight uptick in recent years, with a notable portion of youthful audiences watching from smartphones and desktops.
In a related comment, the head of YouTube referred to the Oscars "among our vital cultural institutions" and said that partnering with the Academy would "spark a fresh wave of creativity and movie fans while staying true to the Oscars' celebrated history".
The broadcast network, which has televised the ceremony since 1976, said that it was excited "to hosting the event three more times" it will continue to air.
The move comes as large entertainment companies confront complex corporate battles. Such proposals were considered unfavourable for an sector that has witnessed drastic cuts over the last few years.
In common with major studios, traditional TV channels have struggled as the audience has shifted towards on-demand video instead.
YouTube obtaining rights to the Oscars strongly indicates that the dominance of online services will continue to grow.
