The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start airing only on YouTube in the year 2029, marking the latest major transformation in the film industry.
The organization behind the Oscars revealed the news on this week, confirming that it finalized a multi-year deal granting the streaming service the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the event will be accessible as a free live stream on YouTube.
This is another significant upheaval in Hollywood, which is grappling with company buyouts and fusions, coupled with severe slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will permit us to expand access to the work of the Academy to the largest worldwide audience possible - which will be beneficial for our film artists and the cinematic world," said the Academy's executives in a release.
For many years, audience numbers of the televised event have dropped, even if there was a minor increase in recent years, with a notable portion of youthful audiences tuning in from cell phones and computers.
In a related comment, the video platform's chief executive described the Oscars "among our essential cultural touchstones" and noted that teaming up with the Academy would "spark a new generation of artistic expression and cinema enthusiasts while staying true to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since the mid-1970s, commented that it was excited "to the upcoming broadcasts" it will retain rights for.
The move follows film industry giants face intricate takeover attempts. Such proposals were considered unfavourable for an business that has witnessed drastic cuts over the last few years.
In common with major studios, traditional TV channels have encountered challenges as the public has shifted towards streaming services instead.
The platform securing the license to the Oscars strongly indicates that reliance on streaming sites will continue expanding.
