The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in 2029, signaling the latest significant change in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it entered into a long-term agreement granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, which is planned for 15 March, has been broadcast for five decades on ABC. Commencing in 2029, the event will be viewable live and for free on the digital platform.
It's a further significant upheaval in Hollywood, which is navigating company buyouts and fusions, in addition to steep reductions in filming.
"The Academy is an global institution, and this partnership will allow us to increase availability to the mission of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the film community," said Academy leadership in a announcement.
For many years, ratings of the awards show have dropped, even if there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from mobile devices and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "among our vital pillars of culture" and added that teaming up with the Academy would "spark a fresh wave of innovation and movie fans while adhering to the Oscars' celebrated heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will continue to air.
This decision follows major studios confront complex corporate battles. These potential deals were considered problematic for an business that has witnessed severe reductions over the past several years.
Like major studios, cable networks have faced issues as the public has increasingly opted for digital platforms as an alternative.
YouTube obtaining rights to the Oscars clearly signals that dependence on streaming sites will persist increasing.