The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.

The Oscars ceremony will commence streaming exclusively on the global video platform in 2029, signaling the latest significant transformation in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it finalized a long-term agreement awarding the streaming service the exclusive global rights to the Oscars until 2033.

The Oscars, set for 15 March, has been televised for 50 years on ABC. Commencing in 2029, the show will be viewable live and for free on the digital platform.

It's a further substantial restructuring in Hollywood, which is navigating company buyouts and fusions, coupled with drastic production cuts.

"The Academy is an international organization, and this partnership will allow us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be positive for our film artists and the cinematic world," said the Academy's executives in a announcement.

For many years, viewership of the televised event have declined, although there was a small rise in recent years, with a considerable amount of youthful audiences tuning in from mobile devices and computers.

In a separate statement, the head of YouTube referred to the Oscars "among our vital cultural institutions" and added that partnering with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while staying true to the Oscars' storied heritage".

The broadcast network, which has streamed the awards since the mid-1970s, commented that it was looking forward "to hosting the event three more times" it will retain rights for.

This decision coincides with major studios face intricate takeover attempts. These potential deals were viewed as concerning for an business that has witnessed severe reductions over the recent period.

In common with big production houses, cable networks have encountered challenges as the viewers has shifted towards streaming services as an alternative.

YouTube winning broadcasting rights to the Oscars clearly signals that reliance on digital platforms will continue to grow.