The Oscars Will Leave Broadcast TV and Stream on the Video Platform Starting in 2029.

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

The organization behind the Oscars made the announcement on Wednesday, confirming that it signed a extended contract granting YouTube the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, scheduled for March 15th, has been televised for a half a century on the traditional network. Beginning in 2029, the ceremony will be viewable as a free live stream on the digital platform.

It's another major shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, along with severe reductions in filming.

"The Academy is an international organization, and this partnership will enable us to broaden reach to the work of the Academy to the largest worldwide audience attainable - which will be beneficial for our film artists and the cinematic world," stated Academy leadership in a statement.

Over decades, ratings of the televised event have fallen, although there was a minor increase in recent years, with a significant number of younger viewers streaming from mobile devices and laptops.

In a corresponding announcement, YouTube's CEO described the Oscars "among our fundamental pillars of culture" and added that working with the Academy would "motivate a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied heritage".

ABC, which has televised the awards since 1976, said that it was looking forward "to the upcoming broadcasts" it will still host.

This shift coincides with major studios face challenging merger discussions. Such proposals were viewed as unfavourable for an industry that has seen significant downsizing over the past several years.

In common with major studios, cable networks have struggled as the audience has shifted towards on-demand video instead.

YouTube winning rights to the Academy Awards strongly indicates that dependence on online services will persist expanding.