The Victoria’s Secret annual fashion show is making some changes.

In a statement from the famous lingerie brand, L Brands CEO Les Wexner says network television is no longer “the right fit.”

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The annual televised runway show has aired on ABC and CBS for over 20 years, but since viewership has been dropping every year, the company is pulling it from broadcast. December 2018’s show saw the lowest ratings in its history.

“Fashion is a business of change. We must evolve and change to grow. With that in mind, we have decided to re-think the traditional Victoria’s Secret Fashion Show,” Wexner said in a statement. “Going forward we don’t believe network television is the right fit. In 2019 and beyond, we’re focusing on developing exciting and dynamic content and a new kind of event – delivered to our customers on platforms that she’s glued to… and in ways that will push the boundaries of fashion in the global digital age.”

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He added, “I’ve never been more excited about the power of this brand and where it’s going… John and team are re-birthing the brand.”

The Victoria’s Secret brand helped launch the careers of many models, including, Tyra Banks, Barbara Palvin, Adriana Lima, Alessandra Ambrosio and more.

Read Wexner’s full statement here.