The Oscars Will Leave Broadcast TV and Stream on YouTube Beginning in the Year 2029.

The Oscars ceremony will commence airing only on the global video platform in the year 2029, representing the newest significant transformation in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it entered into a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.

The awards show, set for 15 March, has been broadcast for five decades on the traditional network. Starting in 2029, the event will be viewable as a free live stream on YouTube.

It's a further significant upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to drastic production cuts.

"Our Academy represents an international organization, and this alliance will allow us to broaden reach to the work of the Academy to the largest worldwide audience possible - which will be beneficial for our membership and the cinematic world," remarked Academy leadership in a announcement.

Throughout a long period, ratings of the televised event have declined, though there was a minor increase in recent years, with a considerable amount of younger viewers streaming from mobile devices and computers.

In a related comment, YouTube's CEO described the Oscars "a key vital pillars of culture" and added that working with the Academy would "inspire a new generation of artistic expression and movie fans while remaining faithful to the Oscars' storied history".

ABC, which has aired the ceremony since 1976, stated that it was eagerly anticipating "to the next three telecasts" it will retain rights for.

This shift comes as large entertainment companies face challenging merger discussions. Both options were seen as problematic for an business that has experienced significant downsizing over the recent period.

In common with major studios, cable networks have faced issues as the viewers has chosen digital platforms instead.

The platform securing rights to the Oscars strongly indicates that dependence on streaming sites will carry on increasing.