The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, signaling the latest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a extended contract awarding the streaming service the unique international license to the Oscars through 2033.
The awards show, set for 15 March, has been broadcast for 50 years on ABC. Starting in 2029, the ceremony will be viewable live and for free on the digital platform.
This is one more significant shakeup in Hollywood, which is dealing with studio sales and mergers, in addition to severe production cuts.
"Our Academy represents an worldwide body, and this partnership will enable us to broaden reach to the work of the Academy to the biggest global viewership possible - which will be positive for our membership and the movie industry," remarked organization heads in a release.
Over decades, audience numbers of the awards show have declined, though there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from mobile devices and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "a key vital pillars of culture" and added that working with the Academy would "spark a fresh wave of creativity and film lovers while adhering to the Oscars' celebrated legacy".
ABC, which has aired the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will retain rights for.
This decision follows large entertainment companies confront intricate takeover attempts. These potential deals were seen as concerning for an business that has seen drastic cuts over the last few years.
Like major studios, cable networks have encountered challenges as the audience has chosen on-demand video instead.
The platform securing rights to the Oscars further suggests that the dominance of online services will carry on expanding.
