The Oscars to Depart ABC and Stream on YouTube Beginning in 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, marking the most recent major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, indicating that it finalized a multi-year deal giving the streaming service the unique international license to the Oscars through 2033.
The awards show, which is planned for 15 March, has aired for 50 years on ABC. Starting in 2029, the event will be viewable in real-time without charge on YouTube.
It's another significant upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"The Academy is an global institution, and this alliance will allow us to increase availability to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the film community," said organization heads in a statement.
Over decades, ratings of the awards show have declined, although there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers watching from cell phones and computers.
In a separate statement, the video platform's chief executive called the Oscars "among our vital cultural institutions" and said that working with the Academy would "inspire a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied heritage".
ABC, which has aired the awards since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This shift comes as large entertainment companies face intricate takeover attempts. These potential deals were seen as concerning for an sector that has seen significant downsizing over the past several years.
Similar to big production houses, traditional TV channels have encountered challenges as the audience has shifted towards streaming services instead.
YouTube obtaining the license to the Academy Awards further suggests that reliance on online services will carry on increasing.
