The Academy Awards Will Leave ABC and Stream on the Video Platform Starting in the Year 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in the year 2029, signaling the latest significant shift in the film industry.
The organization behind the Oscars declared the decision on Wednesday, indicating that it signed a long-term agreement awarding the streaming service the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has aired for a half a century on ABC. Starting in 2029, the show will be accessible in real-time without charge on the digital platform.
It's another substantial restructuring in the entertainment world, which is navigating company buyouts and fusions, coupled with drastic reductions in filming.
"Our Academy represents an international organization, and this collaboration will allow us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be beneficial for our Academy members and the cinematic world," said organization heads in a statement.
Over decades, viewership of the awards show have fallen, though there was a small rise in recent years, with a notable portion of youthful audiences tuning in from smartphones and computers.
In a separate statement, the video platform's chief executive called the Oscars "one of our essential pillars of culture" and added that working with the Academy would "spark a younger cohort of innovation and film lovers while adhering to the Oscars' celebrated legacy".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will still host.
The move coincides with film industry giants confront intricate takeover attempts. Such proposals were seen as problematic for an sector that has experienced drastic cuts over the last few years.
Similar to major studios, traditional TV channels have encountered challenges as the audience has chosen streaming services instead.
YouTube winning the license to the Oscars strongly indicates that the dominance of streaming sites will continue increasing.