The Academy Awards to Depart ABC and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in 2029, signaling the most recent major change in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, stating that it finalized a long-term agreement granting YouTube the unique international license to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the show will be available live and for free on YouTube.
This is one more major shakeup in Hollywood, which is dealing with company buyouts and fusions, in addition to drastic production cuts.
"Our Academy represents an worldwide body, and this collaboration will allow us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be positive for our film artists and the cinematic world," said Academy leadership in a release.
Over decades, audience numbers of the awards show have dropped, though there was a small rise in recent years, with a notable portion of younger viewers streaming from smartphones and desktops.
In a related comment, the video platform's chief executive referred to the Oscars "among our essential cultural institutions" and noted that partnering with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while staying true to the Oscars' celebrated legacy".
The broadcast network, which has televised the awards since 1976, said that it was looking forward "to hosting the event three more times" it will continue to air.
The move comes as major studios deal with intricate takeover attempts. Such proposals were seen as unfavourable for an sector that has witnessed significant downsizing over the last few years.
Similar to big production houses, cable networks have faced issues as the public has increasingly opted for on-demand video instead.
The platform securing rights to the Oscars strongly indicates that the dominance of digital platforms will persist to grow.