The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.

The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, representing the most recent substantial change in the film industry.

The organization behind the Oscars made the announcement on this week, indicating that it signed a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.

The Oscars, scheduled for March 15th, has been televised for a half a century on ABC. Beginning in 2029, the show will be viewable live and for free on YouTube.

It's a further significant restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with drastic reductions in filming.

"The Academy is an worldwide body, and this collaboration will permit us to expand access to the activities of the Academy to the largest worldwide audience attainable - which will be beneficial for our Academy members and the cinematic world," stated organization heads in a announcement.

Throughout a long period, viewership of the awards show have fallen, even if there was a small rise in recent years, with a significant number of younger viewers watching from cell phones and desktops.

In a corresponding announcement, YouTube's CEO described the Oscars "a key vital cultural touchstones" and noted that teaming up with the Academy would "motivate a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' storied history".

ABC, which has televised the awards since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will still host.

The move follows major studios confront intricate takeover attempts. These potential deals were seen as unfavourable for an industry that has experienced drastic cuts over the last few years.

In common with major studios, traditional TV channels have struggled as the viewers has shifted towards on-demand video as an alternative.

YouTube winning the license to the Oscars further suggests that dependence on online services will continue increasing.