The Academy Awards Will Leave Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.

The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, signaling the newest substantial transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, stating that it finalized a extended contract giving the streaming service the unique international license to the Oscars through 2033.

The Oscars, set for 15 March, has aired for 50 years on ABC. Starting in 2029, the event will be available as a free live stream on YouTube.

It's another significant upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, along with steep reductions in filming.

"The Academy is an worldwide body, and this partnership will permit us to increase availability to the activities of the Academy to the largest worldwide audience imaginable - which will be beneficial for our Academy members and the cinematic world," remarked Academy leadership in a statement.

Throughout a long period, audience numbers of the ceremony have declined, although there was a minor increase in recent years, with a notable portion of younger viewers streaming from mobile devices and laptops.

In a separate statement, YouTube's CEO called the Oscars "a key essential cultural institutions" and said that partnering with the Academy would "spark a fresh wave of creativity and cinema enthusiasts while adhering to the Oscars' storied legacy".

ABC, which has streamed the awards since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will still host.

The move follows film industry giants confront intricate takeover attempts. These potential deals were seen as problematic for an sector that has seen severe reductions over the last few years.

In common with major studios, traditional TV channels have struggled as the audience has chosen on-demand video instead.

The platform securing rights to the Oscars clearly signals that dependence on online services will persist increasing.