The Oscars Are Exiting ABC and Stream on YouTube Starting in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in 2029, signaling the most recent substantial transformation in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a long-term agreement awarding the streaming service the unique international license to the Oscars through 2033.
The awards show, scheduled for 15 March, has been televised for a half a century on ABC. Starting in 2029, the show will be accessible as a free live stream on YouTube.
This is another substantial shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.
"The Academy is an worldwide body, and this partnership will allow us to broaden reach to the activities of the Academy to the most extensive international crowd possible - which will be advantageous for our film artists and the film community," said organization heads in a release.
Throughout a long period, ratings of the awards show have declined, though there was a minor increase in recent years, with a notable portion of younger viewers streaming from mobile devices and laptops.
In a corresponding announcement, YouTube's CEO called the Oscars "a key essential cultural touchstones" and noted that teaming up with the Academy would "spark a fresh wave of innovation and film lovers while staying true to the Oscars' illustrious legacy".
ABC, which has streamed the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move coincides with large entertainment companies face intricate takeover attempts. Both options were seen as unfavourable for an industry that has witnessed severe reductions over the last few years.
Similar to major studios, cable networks have struggled as the viewers has shifted towards on-demand video as an alternative.
The platform securing broadcasting rights to the Oscars strongly indicates that dependence on streaming sites will continue to grow.