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

The Academy Awards will begin streaming exclusively on YouTube in 2029, representing the newest major change in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it signed a long-term agreement giving YouTube the unique international license to the Oscars through 2033.

The awards show, which is planned for 15 March, has been televised for a half a century on ABC. Beginning in 2029, the event will be available as a free live stream on the digital platform.

It's one more significant restructuring in the entertainment world, which is dealing with studio sales and mergers, along with severe reductions in filming.

"Our Academy represents an worldwide body, and this alliance will enable us to expand access to the activities of the Academy to the biggest global viewership possible - which will be positive for our membership and the film community," said organization heads in a release.

Over decades, audience numbers of the televised event have dropped, even if there was a slight uptick in recent years, with a significant number of younger viewers tuning in from smartphones and computers.

In a related comment, the head of YouTube described the Oscars "among our fundamental pillars of culture" and said that partnering with the Academy would "motivate a new generation of innovation and cinema enthusiasts while staying true to the Oscars' storied history".

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

The move follows film industry giants confront challenging merger discussions. These potential deals were considered concerning for an business that has seen significant downsizing over the past several years.

Similar to big production houses, traditional TV channels have faced issues as the audience has increasingly opted for digital platforms instead.

YouTube winning broadcasting rights to the Oscars strongly indicates that dependence on digital platforms will continue expanding.