The Oscars to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.

The Oscars ceremony will begin broadcasting solely on the global video platform in the year 2029, signaling the most recent major transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it signed a extended contract giving YouTube the unique international license to the Oscars up to 2033.

The awards show, scheduled for March 15th, has been televised for five decades on the traditional network. Commencing in 2029, the show will be available as a free live stream on YouTube.

It's another major shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, along with steep production cuts.

"Our Academy represents an global institution, and this collaboration will permit us to broaden reach to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the cinematic world," stated the Academy's executives in a statement.

Over decades, ratings of the ceremony have fallen, although there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers streaming from mobile devices and desktops.

In a separate statement, the head of YouTube described the Oscars "a key vital cultural institutions" and added that working with the Academy would "inspire a fresh wave of innovation and cinema enthusiasts while adhering to the Oscars' celebrated legacy".

ABC, which has streamed the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.

This shift follows film industry giants face intricate takeover attempts. These potential deals were considered unfavourable for an industry that has experienced significant downsizing over the past several years.

Similar to big production houses, traditional TV channels have struggled as the public has chosen digital platforms instead.

YouTube obtaining rights to the Academy Awards clearly signals that reliance on digital platforms will carry on to grow.