The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, marking the latest major shift in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, stating that it entered into a multi-year deal granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, set for March 15th, has been televised for five decades on ABC. Beginning in 2029, the ceremony will be available in real-time without charge on the digital platform.
This is another substantial shakeup in Hollywood, which is grappling with company buyouts and fusions, coupled with steep reductions in filming.
"The Academy is an international organization, and this partnership will allow us to expand access to the activities of the Academy to the biggest global viewership attainable - which will be advantageous for our membership and the film community," said the Academy's executives in a statement.
For many years, ratings of the awards show have fallen, though there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from smartphones and computers.
In a corresponding announcement, YouTube's CEO referred to the Oscars "among our fundamental pillars of culture" and added that working with the Academy would "motivate a fresh wave of creativity and film lovers while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has streamed the awards since 1976, stated that it was excited "to the next three telecasts" it will still host.
This shift follows film industry giants confront challenging merger discussions. Such proposals were seen as concerning for an sector that has witnessed drastic cuts over the recent period.
Similar to big production houses, traditional TV channels have struggled as the viewers has chosen streaming services instead.
The platform securing broadcasting rights to the Oscars clearly signals that reliance on streaming sites will continue expanding.