The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards are set to start airing only on YouTube in 2029, representing the most recent major transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, stating that it signed a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has aired for a half a century on the traditional network. Starting in 2029, the show will be accessible in real-time without charge on YouTube.
This is a further significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with severe production cuts.
"Our Academy represents an international organization, and this partnership will enable us to increase availability to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our membership and the film community," remarked the Academy's executives in a release.
Over decades, audience numbers of the ceremony have dropped, even if there was a minor increase in recent years, with a considerable amount of youthful audiences streaming from cell phones and desktops.
In a related comment, YouTube's CEO referred to the Oscars "one of our vital pillars of culture" and added that partnering with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' celebrated heritage".
ABC, which has streamed the awards since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This shift coincides with film industry giants deal with complex corporate battles. Such proposals were seen as concerning for an industry that has seen significant downsizing over the past several years.
Like big production houses, traditional TV channels have encountered challenges as the viewers has shifted towards digital platforms instead.
YouTube obtaining the license to the Academy Awards further suggests that reliance on online services will carry on to grow.