The Oscars to Depart Broadcast TV and Stream on YouTube Beginning in 2029.

The Academy Awards are set to start broadcasting solely on the global video platform in the year 2029, signaling the latest significant change in the film industry.

The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.

The Oscars, scheduled for March 15th, has been broadcast for 50 years on the traditional network. Beginning in 2029, the show will be accessible in real-time without charge on YouTube.

It's another significant restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, in addition to severe production cuts.

"Our Academy represents an global institution, and this collaboration will enable us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the movie industry," stated organization heads in a release.

Throughout a long period, viewership of the televised event have fallen, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from smartphones and laptops.

In a corresponding announcement, YouTube's CEO referred to the Oscars "a key fundamental cultural touchstones" and noted that teaming up with the Academy would "motivate a new generation of creativity and movie fans while remaining faithful to the Oscars' storied heritage".

ABC, which has televised the ceremony since the mid-1970s, commented that it was looking forward "to the next three telecasts" it will retain rights for.

This shift follows film industry giants deal with challenging merger discussions. Such proposals were viewed as problematic for an industry that has witnessed significant downsizing over the last few years.

Like major studios, cable networks have faced issues as the audience has increasingly opted for digital platforms instead.

YouTube winning rights to the Oscars strongly indicates that dependence on online services will continue to grow.