The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.

The Academy Awards are set to start streaming exclusively on the global video platform in 2029, signaling the newest major shift in the film industry.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it finalized a long-term agreement giving YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.

The awards show, scheduled for 15 March, has been broadcast for five decades on the traditional network. Beginning in 2029, the show will be accessible in real-time without charge on the digital platform.

This is a further major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe production cuts.

"Our Academy represents an worldwide body, and this partnership will enable us to broaden reach to the mission of the Academy to the most extensive international crowd attainable - which will be positive for our Academy members and the movie industry," remarked Academy leadership in a release.

Throughout a long period, audience numbers of the ceremony have dropped, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and computers.

In a separate statement, YouTube's CEO described the Oscars "a key fundamental cultural touchstones" and added that working with the Academy would "spark a younger cohort of creativity and film lovers while remaining faithful to the Oscars' storied heritage".

ABC, which has streamed the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will continue to air.

This decision coincides with major studios face complex corporate battles. These potential deals were seen as concerning for an sector that has witnessed significant downsizing over the recent period.

Similar to major studios, cable networks have faced issues as the audience has chosen streaming services instead.

YouTube obtaining rights to the Oscars further suggests that dependence on online services will continue increasing.