The Oscars Are Exiting Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards are set to start airing only on YouTube in the year 2029, signaling the most recent significant transformation in the film industry.
The organization behind the Oscars declared the decision on Wednesday, confirming that it entered into a multi-year deal awarding the streaming service the unique international license to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been televised for five decades on ABC. Starting in 2029, the show will be accessible as a free live stream on YouTube.
It's one more major restructuring in the entertainment world, which is grappling with company buyouts and fusions, coupled with severe production cuts.
"The Academy is an worldwide body, and this collaboration will allow us to increase availability to the mission of the Academy to the biggest global viewership attainable - which will be beneficial for our Academy members and the movie industry," said organization heads in a statement.
Over decades, audience numbers of the televised event have declined, even if there was a small rise in recent years, with a significant number of younger viewers streaming from mobile devices and desktops.
In a separate statement, YouTube's CEO referred to the Oscars "a key vital cultural institutions" and added that partnering with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".
ABC, which has aired the ceremony since 1976, stated that it was looking forward "to hosting the event three more times" it will retain rights for.
The move comes as major studios deal with challenging merger discussions. These potential deals were seen as concerning for an sector that has seen significant downsizing over the past several years.
In common with major studios, traditional TV channels have encountered challenges as the viewers has chosen streaming services instead.
The platform securing the license to the Academy Awards further suggests that the dominance of online services will persist to grow.
