The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will begin broadcasting solely on the global video platform in the year 2029, marking the most recent significant transformation in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, indicating that it signed a extended contract awarding YouTube the exclusive global rights to the Oscars until 2033.
The Oscars, set for 15 March, has been televised for 50 years on ABC. Beginning in 2029, the event will be available as a free live stream on YouTube.
This is another substantial shakeup in the entertainment world, which is grappling with studio sales and mergers, coupled with steep reductions in filming.
"The Academy is an global institution, and this partnership will allow us to expand access to the activities of the Academy to the biggest global viewership possible - which will be advantageous for our Academy members and the movie industry," said Academy leadership in a release.
Throughout a long period, ratings of the awards show have declined, although there was a small rise in recent years, with a notable portion of youthful audiences tuning in from mobile devices and laptops.
In a separate statement, the video platform's chief executive referred to the Oscars "among our fundamental cultural institutions" and noted that teaming up with the Academy would "inspire a new generation of artistic expression and cinema enthusiasts while staying true to the Oscars' storied history".
The broadcast network, which has televised the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This shift comes as large entertainment companies deal with intricate takeover attempts. These potential deals were seen as problematic for an business that has experienced severe reductions over the past several years.
Similar to major studios, traditional TV channels have struggled as the audience has increasingly opted for streaming services instead.
YouTube obtaining rights to the Academy Awards further suggests that reliance on streaming sites will carry on expanding.
