The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will begin airing only on the global video platform in 2029, representing the most recent significant change in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, confirming that it signed a multi-year deal giving YouTube the unique international license to the Oscars through 2033.
The awards show, which is planned for 15 March, has been televised for 50 years on ABC. Starting in 2029, the event will be viewable live and for free on the digital platform.
It's another significant shakeup in Hollywood, which is grappling with company buyouts and fusions, along with steep slashes to movie budgets.
"Our Academy represents an global institution, and this collaboration will enable us to broaden reach to the mission of the Academy to the biggest global viewership attainable - which will be beneficial for our membership and the movie industry," said organization heads in a statement.
Throughout a long period, audience numbers of the televised event have dropped, although there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and desktops.
In a separate statement, YouTube's CEO called the Oscars "a key essential cultural touchstones" and added that working with the Academy would "spark a younger cohort of artistic expression and film lovers while adhering to the Oscars' storied heritage".
ABC, which has streamed the ceremony since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move coincides with major studios face intricate takeover attempts. Such proposals were seen as concerning for an business that has witnessed drastic cuts over the last few years.
Similar to major studios, traditional TV channels have struggled as the audience has increasingly opted for on-demand video instead.
The platform securing the license to the Oscars further suggests that the dominance of streaming sites will carry on to grow.
