The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.

The Oscars ceremony will commence streaming exclusively on the global video platform in the year 2029, representing the newest substantial shift in the film industry.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it finalized a multi-year deal awarding the streaming service the unique international license to the Oscars up to 2033.

The Oscars, scheduled for March 15th, has been televised for five decades on ABC. Beginning in 2029, the show will be available as a free live stream on YouTube.

This is a further significant restructuring in Hollywood, which is dealing with company buyouts and fusions, coupled with steep slashes to movie budgets.

"The Academy is an global institution, and this partnership will allow us to expand access to the work of the Academy to the biggest global viewership possible - which will be positive for our membership and the movie industry," said the Academy's executives in a statement.

For many years, ratings of the ceremony have fallen, although there was a small rise in recent years, with a notable portion of younger viewers tuning in from smartphones and computers.

In a separate statement, the video platform's chief executive called the Oscars "a key essential pillars of culture" and added that partnering with the Academy would "motivate a new generation of artistic expression and movie fans while remaining faithful to the Oscars' storied legacy".

The broadcast network, which has televised the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will retain rights for.

The move comes as large entertainment companies deal with complex corporate battles. These potential deals were considered problematic for an business that has seen severe reductions over the recent period.

Like big production houses, traditional TV channels have faced issues as the audience has increasingly opted for on-demand video instead.

YouTube winning broadcasting rights to the Academy Awards further suggests that dependence on streaming sites will continue expanding.