The Oscars Are Exiting Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, marking the latest substantial change in the film industry.
The organization behind the Oscars declared the decision on Wednesday, stating that it signed a long-term agreement giving YouTube the unique international license to the Oscars through 2033.
The awards show, set for March 15th, has aired for a half a century on ABC. Beginning in 2029, the event will be available live and for free on the digital platform.
It's one more substantial shakeup in Hollywood, which is dealing with company buyouts and fusions, coupled with drastic reductions in filming.
"Our Academy represents an global institution, and this partnership will permit us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the cinematic world," said organization heads in a release.
Over decades, viewership of the televised event have dropped, although there was a small rise in recent years, with a significant number of youthful audiences streaming from cell phones and computers.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "a key fundamental pillars of culture" and noted that partnering with the Academy would "motivate a new generation of innovation and film lovers while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has televised the awards since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This decision comes as film industry giants deal with complex corporate battles. Such proposals were seen as concerning for an industry that has seen significant downsizing over the last few years.
Like big production houses, cable networks have encountered challenges as the audience has shifted towards digital platforms instead.
YouTube winning the license to the Academy Awards further suggests that the dominance of streaming sites will continue increasing.
