The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.

The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, signaling the most recent significant shift in the film industry.

The organization behind the Oscars declared the decision on Wednesday, confirming that it finalized a long-term agreement awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, scheduled for 15 March, has been broadcast for a half a century on ABC. Beginning in 2029, the show will be available in real-time without charge on the digital platform.

This is a further significant upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to steep production cuts.

"Our Academy represents an worldwide body, and this collaboration will allow us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be beneficial for our film artists and the movie industry," stated organization heads in a statement.

Throughout a long period, ratings of the televised event have dropped, although there was a minor increase in recent years, with a notable portion of youthful audiences streaming from smartphones and computers.

In a separate statement, YouTube's CEO described the Oscars "one of our vital cultural touchstones" and noted that working with the Academy would "spark a fresh wave of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied heritage".

ABC, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will retain rights for.

The move comes as large entertainment companies deal with challenging merger discussions. Both options were seen as problematic for an business that has seen significant downsizing over the past several years.

In common with big production houses, cable networks have struggled as the public has shifted towards streaming services as an alternative.

YouTube winning the license to the Academy Awards clearly signals that dependence on online services will carry on expanding.