The Oscars Are Exiting ABC and Broadcast Live on YouTube Starting in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in the year 2029, signaling the newest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it entered into a multi-year deal granting YouTube the unique international license to the Oscars until 2033.
The awards show, which is planned for 15 March, has been broadcast for 50 years on ABC. Beginning in 2029, the show will be available in real-time without charge on YouTube.
It's a further major restructuring in the entertainment world, which is grappling with studio sales and mergers, along with severe reductions in filming.
"The Academy is an worldwide body, and this alliance will permit us to expand access to the activities of the Academy to the biggest global viewership possible - which will be beneficial for our film artists and the cinematic world," remarked organization heads in a release.
For many years, audience numbers of the televised event have fallen, though there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and desktops.
In a related comment, the head of YouTube referred to the Oscars "one of our fundamental cultural touchstones" and said that working with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied history".
The broadcast network, which has streamed the ceremony since 1976, commented that it was looking forward "to hosting the event three more times" it will continue to air.
This shift comes as major studios deal with complex corporate battles. Such proposals were seen as unfavourable for an sector that has witnessed drastic cuts over the last few years.
In common with big production houses, traditional TV channels have encountered challenges as the viewers has chosen on-demand video instead.
YouTube obtaining the license to the Oscars clearly signals that dependence on digital platforms will continue to grow.