The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, marking the latest substantial shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it finalized a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been televised for five decades on the traditional network. Commencing in 2029, the ceremony will be available as a free live stream on YouTube.
It's one more substantial restructuring in Hollywood, which is dealing with company buyouts and fusions, coupled with drastic production cuts.
"Our Academy represents an worldwide body, and this partnership will enable us to increase availability to the mission of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the cinematic world," remarked the Academy's executives in a statement.
Throughout a long period, viewership of the awards show have fallen, although there was a minor increase in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.
In a separate statement, the head of YouTube called the Oscars "a key fundamental pillars of culture" and added that partnering with the Academy would "motivate a fresh wave of innovation and film lovers while remaining faithful to the Oscars' storied legacy".
ABC, which has streamed the ceremony since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will retain rights for.
The move comes as large entertainment companies deal with complex corporate battles. Such proposals were viewed as unfavourable 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 increasingly opted for streaming services as an alternative.
YouTube winning the license to the Academy Awards further suggests that dependence on online services will persist expanding.