The Academy Awards Will Leave ABC and Stream on YouTube Starting in 2029.

The Academy Awards are set to start broadcasting solely on YouTube in 2029, representing the most recent substantial transformation in the film industry.

The organization behind the Oscars revealed the news on this week, confirming that it finalized a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.

The Oscars, set for March 15th, has been broadcast for five decades on ABC. Commencing in 2029, the event will be accessible in real-time without charge on the digital platform.

It's one more significant upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to steep reductions in filming.

"The Academy is an international organization, and this collaboration will enable us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be positive for our membership and the film community," stated organization heads in a release.

For many years, audience numbers of the televised event have dropped, though there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from cell phones and computers.

In a separate statement, the video platform's chief executive referred to the Oscars "one of our vital pillars of culture" and added that working with the Academy would "motivate a fresh wave of innovation and movie fans while remaining faithful to the Oscars' storied history".

The broadcast network, which has streamed the awards since 1976, said that it was eagerly anticipating "to the next three telecasts" it will still host.

This shift follows large entertainment companies confront intricate takeover attempts. Such proposals were seen as unfavourable for an industry that has seen severe reductions over the last few years.

Similar to big production houses, cable networks have struggled as the public has chosen digital platforms as an alternative.

YouTube winning broadcasting rights to the Oscars further suggests that the dominance of digital platforms will persist increasing.