The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence broadcasting solely on YouTube in 2029, marking the most recent significant transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it signed a extended contract giving YouTube the exclusive global rights to the Oscars through 2033.
The awards show, set for 15 March, has aired for a half a century on the traditional network. Commencing in 2029, the event will be viewable in real-time without charge on the digital platform.
It's a further major restructuring in the entertainment world, which is dealing with studio sales and mergers, in addition to severe reductions in filming.
"Our Academy represents an worldwide body, and this alliance will permit us to expand access to the work of the Academy to the most extensive international crowd attainable - which will be beneficial for our membership and the film community," said Academy leadership in a statement.
For many years, audience numbers of the ceremony have dropped, even if there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from smartphones and desktops.
In a corresponding announcement, the video platform's chief executive called the Oscars "one of our fundamental cultural touchstones" and added that teaming up with the Academy would "inspire a fresh wave of creativity and movie fans while remaining faithful to the Oscars' celebrated history".
ABC, which has streamed the awards since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
The move coincides with film industry giants face challenging merger discussions. These potential deals were seen as problematic for an sector that has seen severe reductions over the recent period.
Like big production houses, traditional TV channels have faced issues as the viewers has chosen on-demand video instead.
YouTube obtaining broadcasting rights to the Oscars clearly signals that dependence on streaming sites will persist to grow.