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After hosting the Oscars for more than 50 years, ABC has lost one of the most prestigious events in the broadcasting year. In 2029, the Academy Awards trade their broadcast deal for a new streaming iteration on YouTube, an industry-shifting deal that runs through 2033.

The decision marks a decisive blow to the broadcast television business, far beyond the lost revenue to the network, which was $127 million for this year’s ceremony.

The Oscars are the most prestigious event on the entertainment industry calendar, and the top entertainment live event when measured by viewership despite yearly declines. The news leaves industry insiders to wonder what the future holds for ABC and other legacy networks.

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