The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, signaling the newest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it finalized a extended contract awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been broadcast for a half a century on ABC. Beginning in 2029, the event will be viewable live and for free on the digital platform.
This is a further significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with severe reductions in filming.
"Our Academy represents an international organization, and this partnership will permit us to increase availability to the mission of the Academy to the biggest global viewership imaginable - which will be beneficial for our Academy members and the film community," remarked the Academy's executives in a statement.
For many years, viewership of the awards show have declined, even if there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers watching from mobile devices and desktops.
In a related comment, the head of YouTube referred to the Oscars "a key fundamental cultural touchstones" and added that partnering with the Academy would "inspire a new generation of artistic expression and film lovers while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has televised the awards since 1976, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move comes as large entertainment companies deal with challenging merger discussions. Both options were seen as unfavourable for an industry that has witnessed drastic cuts over the past several years.
In common with major studios, cable networks have struggled as the public has shifted towards streaming services as an alternative.
YouTube winning the license to the Oscars strongly indicates that dependence on streaming sites will carry on expanding.
