The Oscars to Depart ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in the year 2029, representing the latest significant change in the film industry.
The organization behind the Oscars revealed the news on Wednesday, stating that it finalized a multi-year deal awarding YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has been broadcast for a half a century on the traditional network. Starting in 2029, the event will be available as a free live stream on YouTube.
This is one more substantial restructuring in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with severe reductions in filming.
"The Academy is an international organization, and this alliance will allow us to broaden reach to the work of the Academy to the largest worldwide audience imaginable - which will be advantageous for our Academy members and the film community," said Academy leadership in a statement.
For many years, ratings of the ceremony have fallen, even if there was a minor increase in recent years, with a notable portion of younger viewers tuning in from cell phones and desktops.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our essential cultural touchstones" and said that working with the Academy would "inspire a younger cohort of creativity and movie fans while adhering to the Oscars' illustrious heritage".
The broadcast network, which has aired the awards since 1976, stated that it was excited "to hosting the event three more times" it will retain rights for.
The move follows large entertainment companies confront intricate takeover attempts. Such proposals were viewed as problematic for an sector that has experienced severe reductions over the last few years.
Like big production houses, traditional TV channels have faced issues as the audience has increasingly opted for streaming services instead.
YouTube obtaining the license to the Oscars clearly signals that reliance on online services will continue increasing.
