The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin airing only on YouTube in 2029, marking the latest major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it finalized a extended contract giving the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the event will be available in real-time without charge on the digital platform.
This is one more major upheaval in the entertainment world, which is navigating studio sales and mergers, coupled with severe production cuts.
"Our Academy represents an global institution, and this collaboration will allow us to broaden reach to the work of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the film community," stated the Academy's executives in a announcement.
For many years, viewership of the awards show have declined, although there was a small rise in recent years, with a notable portion of younger viewers streaming from mobile devices and laptops.
In a related comment, the video platform's chief executive referred to the Oscars "a key vital cultural institutions" and said that working with the Academy would "inspire a new generation of innovation and film lovers while remaining faithful to the Oscars' illustrious history".
The broadcast network, which has streamed the ceremony since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This shift comes as film industry giants face intricate takeover attempts. Both options were seen as unfavourable for an industry that has experienced drastic cuts over the past several years.
Like big production houses, cable networks have encountered challenges as the audience has shifted towards on-demand video as an alternative.
The platform securing the license to the Oscars strongly indicates that dependence on streaming sites will continue to grow.
