The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Starting in 2029.

The Academy Awards are set to start broadcasting solely on the global video platform in the year 2029, signaling the most recent significant change in the film industry.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it finalized a multi-year deal giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, scheduled for 15 March, has been televised for 50 years on the traditional network. Beginning in 2029, the show will be accessible live and for free on the digital platform.

It's another significant upheaval in Hollywood, which is dealing with company buyouts and fusions, along with steep reductions in filming.

"The Academy is an worldwide body, and this partnership will allow us to broaden reach to the work of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a announcement.

Over decades, viewership of the ceremony have fallen, even if there was a small rise in recent years, with a significant number of youthful audiences streaming from cell phones and computers.

In a related comment, the head of YouTube described the Oscars "one of our fundamental cultural institutions" and noted that working with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while staying true to the Oscars' storied heritage".

The broadcast network, which has aired the awards since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.

The move coincides with major studios confront challenging merger discussions. These potential deals were seen as concerning for an industry that has experienced drastic cuts over the recent period.

In common with big production houses, traditional TV channels have struggled as the audience has chosen streaming services instead.

YouTube winning rights to the Oscars strongly indicates that the dominance of digital platforms will carry on to grow.