The Oscars to Depart ABC and Broadcast Live on YouTube Beginning in the Year 2029.

The Oscars ceremony will begin streaming exclusively on YouTube in the year 2029, signaling the latest major shift in Hollywood.

The organization behind the Oscars declared the decision on Wednesday, stating that it signed a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, which is planned for 15 March, has aired for 50 years on ABC. Starting in 2029, the show will be viewable in real-time without charge on YouTube.

It's one more substantial restructuring in the entertainment world, which is dealing with company buyouts and fusions, along with severe production cuts.

"The Academy is an worldwide body, and this alliance will allow us to increase availability to the activities of the Academy to the largest worldwide audience possible - which will be advantageous for our Academy members and the cinematic world," stated organization heads in a statement.

For many years, viewership of the ceremony have fallen, though there was a small rise in recent years, with a notable portion of youthful audiences watching from smartphones and laptops.

In a separate statement, the video platform's chief executive called the Oscars "among our vital cultural touchstones" and noted that working with the Academy would "motivate a younger cohort of creativity and film lovers while remaining faithful to the Oscars' celebrated history".

The broadcast network, which has televised the ceremony since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.

This decision follows major studios deal with intricate takeover attempts. These potential deals were viewed as concerning for an industry that has seen drastic cuts over the recent period.

Similar to major studios, cable networks have faced issues as the viewers has shifted towards streaming services as an alternative.

YouTube obtaining broadcasting rights to the Oscars clearly signals that dependence on digital platforms will continue to grow.