The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Starting in 2029.

The Academy Awards will begin streaming exclusively on YouTube in the year 2029, representing the most recent significant shift in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it finalized a extended contract granting the streaming service the unique international license to the Oscars until 2033.

The Oscars, which is planned for March 15th, has been televised for five decades on ABC. Commencing in 2029, the ceremony will be viewable in real-time without charge on the digital platform.

It's one more significant shakeup in the entertainment world, which is navigating studio sales and mergers, along with drastic slashes to movie budgets.

"Our Academy represents an international organization, and this partnership will permit us to expand access to the mission of the Academy to the most extensive international crowd attainable - which will be advantageous for our film artists and the cinematic world," said the Academy's executives in a announcement.

Over decades, viewership of the ceremony have fallen, although there was a small rise in recent years, with a considerable amount of younger viewers watching from cell phones and computers.

In a separate statement, the head of YouTube called the Oscars "among our vital cultural institutions" and said that teaming up with the Academy would "motivate a new generation of creativity and film lovers while remaining faithful to the Oscars' illustrious history".

ABC, which has televised the awards since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will still host.

This shift comes as film industry giants deal with challenging merger discussions. Both options were considered problematic for an industry that has experienced significant downsizing over the past several years.

In common with big production houses, traditional TV channels have faced issues as the public has shifted towards on-demand video instead.

YouTube obtaining broadcasting rights to the Oscars clearly signals that the dominance of streaming sites will continue to grow.