The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.

The Oscars ceremony will commence broadcasting solely on the global video platform in the year 2029, representing the latest significant shift in the film industry.

The organization behind the Oscars made the announcement on this week, stating that it signed a long-term agreement awarding the streaming service the exclusive global rights to the Oscars through 2033.

The awards show, scheduled for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the show will be viewable in real-time without charge on the digital platform.

It's one more significant shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with steep slashes to movie budgets.

"Our Academy represents an international organization, and this alliance will enable us to expand access to the work of the Academy to the largest worldwide audience possible - which will be positive for our membership and the movie industry," said the Academy's executives in a release.

Throughout a long period, viewership of the awards show have dropped, even if there was a slight uptick in recent years, with a considerable amount of youthful audiences watching from smartphones and laptops.

In a corresponding announcement, YouTube's CEO referred to the Oscars "among our vital cultural touchstones" and added that teaming up with the Academy would "motivate a fresh wave of creativity and movie fans while remaining faithful to the Oscars' celebrated heritage".

ABC, which has aired the awards since the mid-1970s, stated that it was eagerly anticipating "to the next three telecasts" it will continue to air.

This shift follows large entertainment companies face complex corporate battles. Such proposals were viewed as concerning for an sector that has seen drastic cuts over the past several years.

In common with big production houses, cable networks have encountered challenges as the public has shifted towards digital platforms as an alternative.

YouTube winning the license to the Oscars strongly indicates that dependence on streaming sites will continue to grow.