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

The Oscars ceremony will commence streaming exclusively on YouTube in the year 2029, signaling the latest major change in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it entered into a multi-year deal granting the streaming service the unique international license to the Oscars until 2033.

The Oscars, set for 15 March, has aired for 50 years on ABC. Beginning in 2029, the event will be available live and for free on the digital platform.

This is one more significant restructuring in the entertainment world, which is navigating studio sales and mergers, in addition to severe reductions in filming.

"The Academy is an global institution, and this collaboration will enable us to broaden reach to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our film artists and the movie industry," said Academy leadership in a announcement.

For many years, ratings of the televised event have fallen, even if there was a small rise in recent years, with a significant number of youthful audiences streaming from mobile devices and computers.

In a related comment, the video platform's chief executive called the Oscars "one of our essential cultural institutions" and noted that partnering with the Academy would "spark a new generation of artistic expression and cinema enthusiasts while adhering to the Oscars' illustrious legacy".

ABC, which has aired the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will continue to air.

The move follows major studios confront complex corporate battles. Both options were viewed as concerning for an industry that has witnessed significant downsizing over the recent period.

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

The platform securing rights to the Oscars further suggests that reliance on digital platforms will persist to grow.