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

The Academy Awards will begin broadcasting solely on YouTube in 2029, signaling the latest major change in Hollywood.

The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a multi-year deal awarding the streaming service the unique international license to the Oscars until 2033.

The awards show, set for 15 March, has aired for 50 years on ABC. Starting in 2029, the event will be accessible as a free live stream on the digital platform.

It's one more significant restructuring in the entertainment world, which is grappling with studio sales and mergers, coupled with steep slashes to movie budgets.

"Our Academy represents an global institution, and this alliance will enable us to increase availability to the mission of the Academy to the most extensive international crowd imaginable - which will be advantageous for our film artists and the movie industry," remarked the Academy's executives in a announcement.

Throughout a long period, ratings of the ceremony have dropped, even if there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers streaming from smartphones and desktops.

In a corresponding announcement, the video platform's chief executive called the Oscars "among our fundamental pillars of culture" and added that working with the Academy would "inspire a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".

ABC, which has streamed the awards since the mid-1970s, stated that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.

The move follows major studios deal with intricate takeover attempts. Such proposals were viewed as problematic for an industry that has seen significant downsizing over the past several years.

Like big production houses, traditional TV channels have struggled as the viewers has shifted towards streaming services instead.

YouTube winning rights to the Oscars clearly signals that the dominance of digital platforms will continue to grow.