The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin broadcasting solely on YouTube in 2029, signaling the newest significant transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a multi-year deal awarding the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for five decades on the traditional network. Beginning in 2029, the show will be available live and for free on YouTube.
This is a further major restructuring in Hollywood, which is grappling with studio sales and mergers, along with steep production cuts.
"Our Academy represents an worldwide body, and this alliance will permit us to expand access to the work of the Academy to the biggest global viewership imaginable - which will be positive for our membership and the movie industry," remarked the Academy's executives in a statement.
Over decades, audience numbers of the ceremony have declined, although there was a small rise in recent years, with a significant number of Gen Z and millennial watchers tuning in from smartphones and desktops.
In a related comment, YouTube's CEO referred to the Oscars "a key fundamental cultural touchstones" and said that partnering with the Academy would "spark a new generation of artistic expression and film lovers while staying true to the Oscars' storied history".
The broadcast network, which has streamed the awards since 1976, commented that it was looking forward "to hosting the event three more times" it will retain rights for.
This decision comes as large entertainment companies confront challenging merger discussions. These potential deals were seen as concerning for an industry that has seen significant downsizing over the recent period.
Like major studios, traditional TV channels have struggled as the audience has shifted towards digital platforms instead.
YouTube winning rights to the Oscars further suggests that the dominance of streaming sites will continue expanding.