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

The Academy Awards are set to start broadcasting solely on the global video platform in 2029, signaling the newest substantial transformation in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it finalized a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.

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

It's another significant restructuring in Hollywood, which is dealing with company buyouts and fusions, in addition to severe slashes to movie budgets.

"Our Academy represents an global institution, and this partnership will enable us to expand access to the work of the Academy to the biggest global viewership attainable - which will be advantageous for our Academy members and the cinematic world," stated the Academy's executives in a statement.

For many years, viewership of the ceremony have dropped, although there was a slight uptick in recent years, with a notable portion of younger viewers watching from mobile devices and laptops.

In a corresponding announcement, YouTube's CEO referred to the Oscars "a key vital cultural institutions" and added that teaming up with the Academy would "motivate a new generation of innovation and cinema enthusiasts while adhering to the Oscars' illustrious legacy".

ABC, which has televised the ceremony since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will retain rights for.

This shift follows major studios confront challenging merger discussions. Both options were seen as unfavourable for an industry that has seen severe reductions over the past several years.

In common with major studios, traditional TV channels have struggled as the audience has shifted towards digital platforms instead.

YouTube obtaining rights to the Academy Awards clearly signals that the dominance of digital platforms will carry on increasing.