The Academy Awards will commence airing only on the global video platform in the year 2029, representing the most recent substantial transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a extended contract granting YouTube the unique international license to the Oscars through 2033.
The awards show, which is planned for 15 March, has aired for five decades on the traditional network. Starting in 2029, the show will be available in real-time without charge on the digital platform.
This is one more significant restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to steep reductions in filming.
"The Academy is an worldwide body, and this partnership will enable us to expand access to the activities of the Academy to the largest worldwide audience possible - which will be positive for our Academy members and the cinematic world," stated organization heads in a statement.
For many years, ratings of the ceremony have declined, even if there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and desktops.
In a separate statement, YouTube's CEO called the Oscars "a key essential cultural institutions" and said that teaming up with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' illustrious legacy".
The broadcast network, which has aired the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will continue to air.
This shift comes as large entertainment companies deal with challenging merger discussions. These potential deals were seen as problematic for an industry that has experienced significant downsizing over the recent period.
Similar to major studios, traditional TV channels have struggled as the viewers has shifted towards digital platforms instead.
YouTube obtaining broadcasting rights to the Oscars clearly signals that reliance on online services will persist increasing.
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