The Academy Awards Will Leave Broadcast TV and Stream on YouTube Starting in 2029.

The Academy Awards are set to start streaming exclusively on YouTube in the year 2029, representing the most recent substantial shift in the film industry.

The organization behind the Oscars declared the decision on this week, stating that it entered into a extended contract granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, set for 15 March, has been broadcast for five decades on the traditional network. Commencing in 2029, the show will be viewable as a free live stream on the digital platform.

It's one more major restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with steep slashes to movie budgets.

"Our Academy represents an international organization, and this alliance will enable us to broaden reach to the activities of the Academy to the biggest global viewership possible - which will be advantageous for our film artists and the movie industry," said the Academy's executives in a announcement.

Over decades, viewership of the ceremony have dropped, although there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers watching from cell phones and laptops.

In a related comment, YouTube's CEO described the Oscars "a key essential cultural institutions" and added that working with the Academy would "spark a younger cohort of innovation and movie fans while remaining faithful to the Oscars' illustrious heritage".

ABC, which has streamed the awards since 1976, stated that it was excited "to hosting the event three more times" it will retain rights for.

The move coincides with large entertainment companies face complex corporate battles. Both options were considered problematic for an industry that has experienced significant downsizing over the last few years.

In common with major studios, cable networks have encountered challenges as the public has shifted towards streaming services as an alternative.

YouTube obtaining broadcasting rights to the Academy Awards clearly signals that dependence on online services will continue expanding.