The Academy Awards to Depart Broadcast TV and Stream on YouTube Starting in 2029.

The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, representing the newest substantial change in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it entered into a extended contract awarding the streaming service the unique international license to the Oscars up to 2033.

The awards show, scheduled for 15 March, has been televised for 50 years on ABC. Starting in 2029, the ceremony will be accessible live and for free on YouTube.

This is a further substantial shakeup in the entertainment world, which is navigating studio sales and mergers, coupled with drastic production cuts.

"The Academy is an international organization, and this collaboration will permit us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be positive for our Academy members and the cinematic world," said organization heads in a release.

For many years, viewership of the ceremony have dropped, even if there was a slight uptick in recent years, with a notable portion of younger viewers watching from mobile devices and computers.

In a related comment, YouTube's CEO called the Oscars "among our fundamental cultural touchstones" and said that partnering with the Academy would "motivate a fresh wave of creativity and film lovers while adhering to the Oscars' storied history".

ABC, which has aired the awards since the mid-1970s, commented that it was eagerly anticipating "to hosting the event three more times" it will continue to air.

The move coincides with major studios face intricate takeover attempts. Both options were viewed as problematic for an business that has experienced drastic cuts over the recent period.

Similar to major studios, traditional TV channels have encountered challenges as the viewers has chosen digital platforms instead.

The platform securing rights to the Oscars strongly indicates that dependence on digital platforms will persist to grow.