The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.

The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, representing the most recent major transformation in Hollywood.

The organization behind the Oscars made the announcement on this week, confirming that it finalized a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.

The awards show, scheduled for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the ceremony will be viewable live and for free on the digital platform.

This is one more substantial shakeup in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with steep production cuts.

"The Academy is an international organization, and this partnership will enable us to expand access to the mission of the Academy to the biggest global viewership attainable - which will be advantageous for our film artists and the movie industry," remarked organization heads in a statement.

For many years, viewership of the ceremony have dropped, though there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers watching from smartphones and laptops.

In a related comment, the head of YouTube called the Oscars "among our vital cultural institutions" and added that teaming up with the Academy would "spark a new generation of innovation and cinema enthusiasts while adhering to the Oscars' storied heritage".

ABC, which has aired the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the next three telecasts" it will still host.

The move follows large entertainment companies confront intricate takeover attempts. Both options were viewed as concerning for an business that has experienced drastic cuts over the past several years.

In common with major studios, traditional TV channels have faced issues as the audience has chosen on-demand video instead.

The platform securing broadcasting rights to the Academy Awards further suggests that dependence on online services will carry on increasing.