The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, marking the newest significant transformation in Hollywood.
The organization behind the Oscars declared the decision on this week, stating that it entered into a multi-year deal giving YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on ABC. Starting in 2029, the ceremony will be accessible as a free live stream on the digital platform.
It's a further substantial shakeup in Hollywood, which is dealing with studio sales and mergers, coupled with severe slashes to movie budgets.
"Our Academy represents an global institution, and this collaboration will permit us to broaden reach to the work of the Academy to the largest worldwide audience attainable - which will be beneficial for our Academy members and the cinematic world," said organization heads in a announcement.
Over decades, audience numbers of the awards show have declined, even if there was a small rise in recent years, with a considerable amount of youthful audiences streaming from cell phones and desktops.
In a corresponding announcement, the head of YouTube described the Oscars "one of our essential cultural touchstones" and noted that working with the Academy would "motivate a new generation of artistic expression and movie fans while remaining faithful to the Oscars' storied heritage".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was excited "to hosting the event three more times" it will continue to air.
This shift comes as large entertainment companies confront challenging merger discussions. Both options were viewed as problematic for an sector that has experienced significant downsizing over the last few years.
Like major studios, traditional TV channels have encountered challenges as the viewers has increasingly opted for digital platforms instead.
YouTube obtaining rights to the Academy Awards clearly signals that dependence on online services will persist to grow.
