The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Starting in 2029.

The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, marking the newest major shift in Hollywood.

The organization behind the Oscars revealed the news on this week, indicating that it entered into a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.

The awards show, which is planned for 15 March, has been televised for 50 years on ABC. Commencing in 2029, the ceremony will be available as a free live stream on the digital platform.

This is another major shakeup in Hollywood, which is navigating company buyouts and fusions, coupled with drastic reductions in filming.

"The Academy is an worldwide body, and this alliance will allow us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the film community," remarked Academy leadership in a release.

Throughout a long period, audience numbers of the ceremony have dropped, although there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from smartphones and desktops.

In a separate statement, the head of YouTube called the Oscars "among our fundamental cultural institutions" and added that teaming up with the Academy would "motivate a younger cohort of creativity and movie fans while staying true to the Oscars' storied heritage".

ABC, which has streamed the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will continue to air.

This shift coincides with large entertainment companies deal with challenging merger discussions. These potential deals were seen as concerning for an business that has witnessed severe reductions over the recent period.

Similar to major studios, traditional TV channels have faced issues as the public has chosen digital platforms as an alternative.

The platform securing broadcasting rights to the Academy Awards further suggests that reliance on digital platforms will persist expanding.