The Oscars Will Leave ABC and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony are set to start airing only on the global video platform in 2029, marking the newest major change in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, confirming that it signed a long-term agreement giving the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been broadcast for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable as a free live stream on YouTube.
It's another significant restructuring in Hollywood, which is navigating studio sales and mergers, in addition to steep production cuts.
"The Academy is an international organization, and this partnership will permit us to increase availability to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our film artists and the cinematic world," said the Academy's executives in a release.
For many years, ratings of the televised event have dropped, though there was a slight uptick in recent years, with a significant number of younger viewers watching from cell phones and laptops.
In a related comment, the head of YouTube described the Oscars "one of our fundamental cultural institutions" and added that teaming up with the Academy would "motivate a younger cohort of innovation and movie fans while staying true to the Oscars' celebrated heritage".
The broadcast network, which has televised the awards since 1976, said that it was looking forward "to hosting the event three more times" it will continue to air.
The move coincides with major studios face complex corporate battles. These potential deals were viewed as problematic for an business that has seen severe reductions over the recent period.
Like big production houses, traditional TV channels have encountered challenges as the viewers has chosen on-demand video as an alternative.
YouTube winning rights to the Academy Awards strongly indicates that reliance on digital platforms will carry on to grow.
