The Oscars Are Exiting Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards will begin airing only on the global video platform in 2029, representing the most recent significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it finalized a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, which is planned for 15 March, has aired for a half a century on ABC. Starting in 2029, the show will be accessible live and for free on YouTube.
It's another significant restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with steep production cuts.
"Our Academy represents an international organization, and this collaboration will permit us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be beneficial for our film artists and the cinematic world," remarked organization heads in a statement.
Throughout a long period, audience numbers of the ceremony have fallen, though there was a minor increase in recent years, with a considerable amount of youthful audiences watching from cell phones and computers.
In a separate statement, the video platform's chief executive described the Oscars "a key vital cultural touchstones" and said that partnering with the Academy would "motivate a new generation of innovation and cinema enthusiasts while staying true to the Oscars' celebrated history".
ABC, which has streamed the awards since 1976, commented that it was looking forward "to the upcoming broadcasts" it will continue to air.
The move comes as film industry giants confront challenging merger discussions. These potential deals were considered unfavourable for an sector that has seen significant downsizing over the last few years.
Similar to major studios, cable networks have encountered challenges as the audience has increasingly opted for streaming services instead.
The platform securing the license to the Academy Awards strongly indicates that the dominance of online services will carry on increasing.
