The Oscars Are Exiting ABC and Broadcast Live on YouTube Beginning in 2029.

The Academy Awards will commence airing only on the global video platform in 2029, marking the newest significant transformation in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it signed a multi-year deal giving YouTube the unique international license to the Oscars until 2033.

The Oscars, set for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the ceremony will be viewable in real-time without charge on YouTube.

It's another significant restructuring in Hollywood, which is dealing with company buyouts and fusions, coupled with steep production cuts.

"The Academy is an international organization, and this alliance will enable us to increase availability to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the film community," stated organization heads in a announcement.

For many years, ratings of the televised event have dropped, though there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from mobile devices and laptops.

In a separate statement, the head of YouTube called the Oscars "one of our essential pillars of culture" and noted that working with the Academy would "inspire a new generation of creativity and film lovers while remaining faithful to the Oscars' illustrious legacy".

The broadcast network, which has streamed the ceremony since 1976, commented that it was looking forward "to hosting the event three more times" it will continue to air.

The move comes as large entertainment companies deal with complex corporate battles. Such proposals were considered concerning for an sector that has witnessed drastic cuts over the recent period.

Like major studios, cable networks have encountered challenges as the audience has shifted towards digital platforms instead.

The platform securing the license to the Academy Awards further suggests that the dominance of streaming sites will persist increasing.