The Academy Awards Will Leave Broadcast TV and Stream on the Video Platform Beginning in 2029.

The Academy Awards will begin broadcasting solely on YouTube in the year 2029, marking the most recent major shift in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it entered into a long-term agreement awarding YouTube the unique international license to the Oscars until 2033.

The awards show, set for March 15th, has aired for a half a century on the traditional network. Commencing in 2029, the event will be available live and for free on the digital platform.

It's one more significant restructuring in Hollywood, which is navigating company buyouts and fusions, in addition to drastic reductions in filming.

"Our Academy represents an global institution, and this partnership will enable us to expand access to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the movie industry," said Academy leadership in a statement.

Throughout a long period, ratings of the ceremony have dropped, though there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and laptops.

In a separate statement, the video platform's chief executive called the Oscars "among our essential cultural touchstones" and noted that partnering with the Academy would "motivate a younger cohort of artistic expression and film lovers while staying true to the Oscars' celebrated heritage".

ABC, which has televised the awards since the mid-1970s, commented that it was excited "to hosting the event three more times" it will continue to air.

The move coincides with major studios deal with intricate takeover attempts. These potential deals were seen as problematic for an industry that has seen significant downsizing over the last few years.

In common with major studios, cable networks have struggled as the audience has chosen digital platforms instead.

The platform securing broadcasting rights to the Academy Awards clearly signals that the dominance of streaming sites will persist expanding.