The Oscars will be leaving broadcast television after more than five decades, as the Academy of Motion Picture Arts and Sciences announced Wednesday a landmark deal to stream the annual awards ceremony exclusively on YouTube starting in 2029.

ABC, owned by Disney, will air the Oscars through the show’s 100th edition in 2028. After that, the ceremony, red carpet coverage, and other Academy events will be broadcast live and for free on YouTube, already the world’s most-watched streaming platform.

The switch makes the Academy Awards the first of the four major award ceremonies — the Oscars, Grammys, Emmys, and Tonys — to abandon broadcast television. The Hollywood Reporter predicted the deal would “send shockwaves across the entertainment industry.”

In a press release, the Academy framed the agreement as an effort to make the awards “accessible to the Academy’s growing global audience” with new features like closed captioning and audio tracks in multiple languages.

“The Academy is an international organization, and this partnership will allow us to expand access to the work of the Academy to the largest worldwide audience possible — which will be beneficial for our Academy members and the film community,” the Academy’s chief executive officer said. “We will be able to celebrate cinema, inspire new generations of filmmakers and provide access to our film history on an unprecedented global scale.”

Securing the Oscars, the world’s most-watched awards show that generates more than $150 million in revenue for the Academy, marks “a big feather in the cap of deep-pocketed YouTube,” The Hollywood Reporter noted. The outlet previously described YouTube as intent on becoming “the most powerful platform on earth.”

YouTube beat several potential buyers that threw their hat into the ring over the summer, including NBCUniversal and Netflix. Insiders estimate YouTube paid more than nine figures for the deal, a premium over what competitors offered, Variety reported.

ABC is unlikely to feel lasting pain from the loss given that it still boasts the rights to host the Super Bowl and recently acquired the Grammys from CBS. The network said in a statement: “ABC has been the proud home to The Oscars for more than half a century. We look forward to the next three telecasts, including the show’s centennial celebration in 2028, and wish the Academy of Motion Picture Arts and Sciences continued success.”