The Oscars to Depart Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.

The Oscars ceremony are set to start airing only on YouTube in 2029, marking the latest significant transformation in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it entered into a multi-year deal awarding YouTube the exclusive global rights to the Oscars until 2033.

The awards show, scheduled for March 15th, has been televised for five decades on ABC. Starting in 2029, the show will be viewable live and for free on YouTube.

This is a further substantial shakeup in Hollywood, which is navigating company buyouts and fusions, in addition to severe reductions in filming.

"The Academy is an international organization, and this alliance will allow us to increase availability to the activities of the Academy to the largest worldwide audience attainable - which will be beneficial for our film artists and the film community," said Academy leadership in a statement.

Over decades, viewership of the ceremony have dropped, even if there was a small rise in recent years, with a significant number of Gen Z and millennial watchers tuning in from smartphones and desktops.

In a corresponding announcement, the video platform's chief executive referred to the Oscars "a key fundamental cultural touchstones" and noted that working with the Academy would "motivate a fresh wave of creativity and film lovers while adhering to the Oscars' celebrated history".

ABC, which has streamed the ceremony since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will retain rights for.

This decision coincides with major studios confront challenging merger discussions. Both options were seen as unfavourable for an sector that has witnessed drastic cuts over the past several years.

In common with big production houses, cable networks have encountered challenges as the audience has chosen on-demand video as an alternative.

YouTube winning the license to the Academy Awards strongly indicates that reliance on online services will continue to grow.