The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Academy Awards will begin airing only on the global video platform in 2029, marking the latest major shift in the film industry.
The organization behind the Oscars revealed the news on Wednesday, stating that it finalized a long-term agreement granting YouTube the exclusive global rights to the Oscars through 2033.
The awards show, which is planned for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the event will be viewable as a free live stream on the digital platform.
It's one more significant upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will enable us to broaden reach to the work of the Academy to the biggest global viewership possible - which will be advantageous for our film artists and the movie industry," said the Academy's executives in a statement.
Over decades, ratings of the televised event have declined, though there was a minor increase in recent years, with a significant number of youthful audiences tuning in from cell phones and laptops.
In a corresponding announcement, YouTube's CEO described the Oscars "one of our fundamental cultural institutions" and said that working with the Academy would "motivate a fresh wave of artistic expression and movie fans while adhering to the Oscars' storied heritage".
ABC, which has televised the ceremony since 1976, commented that it was excited "to hosting the event three more times" it will retain rights for.
This shift comes as large entertainment companies face complex corporate battles. Both options were considered concerning for an industry that has seen severe reductions over the last few years.
Like major studios, traditional TV channels have encountered challenges as the public has chosen digital platforms as an alternative.
YouTube winning rights to the Oscars further suggests that dependence on digital platforms will continue to grow.