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

The Oscars ceremony will begin airing only on YouTube in 2029, signaling the most recent substantial change in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it finalized a multi-year deal awarding YouTube the exclusive global rights to the Oscars up to 2033.

The Oscars, which is planned for March 15th, has aired for five decades on ABC. Starting in 2029, the show will be available live and for free on YouTube.

This is a further substantial shakeup in Hollywood, which is navigating company buyouts and fusions, in addition to steep slashes to movie budgets.

"The Academy is an global institution, and this partnership will allow us to increase availability to the activities of the Academy to the most extensive international crowd possible - which will be beneficial for our film artists and the film community," remarked the Academy's executives in a statement.

For many years, ratings of the televised event have fallen, although there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from smartphones and computers.

In a corresponding announcement, YouTube's CEO called the Oscars "one of our vital cultural institutions" and added that partnering with the Academy would "motivate a new generation of artistic expression and cinema enthusiasts while adhering to the Oscars' storied heritage".

The broadcast network, which has streamed the ceremony since 1976, stated that it was eagerly anticipating "to the next three telecasts" it will retain rights for.

This decision comes as major studios face complex corporate battles. Such proposals were viewed as concerning for an sector that has witnessed severe reductions over the last few years.

In common with major studios, cable networks have struggled as the viewers has increasingly opted for on-demand video instead.

YouTube obtaining rights to the Oscars strongly indicates that reliance on online services will persist to grow.