The Oscars to Depart ABC and Broadcast Live on YouTube Starting in 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in the year 2029, signaling the latest substantial change in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it entered into a extended contract awarding YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on ABC. Starting in 2029, the show will be available as a free live stream on the digital platform.
This is a further significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, along with severe reductions in filming.
"Our Academy represents an international organization, and this alliance will enable us to expand access to the activities of the Academy to the largest worldwide audience imaginable - which will be positive for our Academy members and the cinematic world," said Academy leadership in a release.
Over decades, viewership of the awards show have declined, though there was a minor increase in recent years, with a notable portion of younger viewers watching from mobile devices and computers.
In a corresponding announcement, the video platform's chief executive called the Oscars "a key vital pillars of culture" and added that teaming up with the Academy would "inspire a fresh wave of creativity and movie fans while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has televised the awards since 1976, commented that it was looking forward "to the upcoming broadcasts" it will continue to air.
This decision comes as major studios deal with complex corporate battles. Both options were seen as unfavourable for an business that has witnessed drastic cuts over the recent period.
Similar to big production houses, traditional TV channels have struggled as the public has increasingly opted for digital platforms instead.
YouTube winning the license to the Oscars further suggests that reliance on digital platforms will continue to grow.
