The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in 2029, marking the most recent significant shift in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, stating that it signed a multi-year deal giving the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the show will be available live and for free on the digital platform.
It's another substantial upheaval in Hollywood, which is grappling with company buyouts and fusions, along with steep production cuts.
"Our Academy represents an international organization, and this partnership will allow us to increase availability to the mission of the Academy to the largest worldwide audience imaginable - which will be positive for our Academy members and the cinematic world," stated the Academy's executives in a announcement.
Throughout a long period, ratings of the ceremony have declined, even if there was a small rise in recent years, with a significant number of youthful audiences tuning in from cell phones and computers.
In a separate statement, YouTube's CEO referred to the Oscars "one of our essential cultural institutions" and said that teaming up with the Academy would "motivate a new generation of artistic expression and cinema enthusiasts while staying true to the Oscars' illustrious heritage".
The broadcast network, which has aired the awards since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will still host.
The move comes as major studios face complex corporate battles. Such proposals were seen as unfavourable for an business that has experienced drastic cuts over the past several years.
Similar to major studios, traditional TV channels have struggled as the public has increasingly opted for streaming services as an alternative.
YouTube winning the license to the Oscars strongly indicates that the dominance of streaming sites will carry on increasing.
