The Oscars to Depart ABC and Stream on the Video Platform Beginning in 2029.

The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, representing the most recent major shift in the film industry.

The organization behind the Oscars made the announcement on this week, stating that it signed a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.

The Oscars, which is planned for March 15th, has been televised for a half a century on ABC. Starting in 2029, the event will be accessible in real-time without charge on YouTube.

It's another substantial restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with severe reductions in filming.

"Our Academy represents an international organization, and this collaboration will allow us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be advantageous for our membership and the cinematic world," said organization heads in a statement.

Throughout a long period, viewership of the ceremony have declined, though there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers streaming from cell phones and laptops.

In a separate statement, the video platform's chief executive described the Oscars "one of our vital cultural institutions" and said that teaming up with the Academy would "inspire a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".

ABC, which has aired the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.

This decision follows major studios face intricate takeover attempts. These potential deals were seen as concerning for an industry that has witnessed significant downsizing over the past several years.

In common with big production houses, traditional TV channels have faced issues as the audience has shifted towards digital platforms instead.

The platform securing the license to the Oscars clearly signals that reliance on streaming sites will carry on increasing.