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

The Academy Awards are set to start airing only on the global video platform in the year 2029, signaling the latest major transformation in Hollywood.

The organization behind the Oscars revealed the news on this week, stating that it finalized a extended contract granting YouTube the unique international license to the Oscars until 2033.

The awards show, which is planned for March 15th, has aired for five decades on the traditional network. Beginning in 2029, the show will be viewable as a free live stream on YouTube.

It's one more significant shakeup in Hollywood, which is grappling with company buyouts and fusions, coupled with severe production cuts.

"Our Academy represents an worldwide body, and this partnership will permit us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be advantageous for our Academy members and the film community," remarked Academy leadership in a statement.

Throughout a long period, ratings of the awards show have dropped, although there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and laptops.

In a related comment, YouTube's CEO referred to the Oscars "among our essential pillars of culture" and noted that working with the Academy would "inspire a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' illustrious history".

The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.

This decision follows film industry giants face intricate takeover attempts. Both options were viewed as problematic for an industry that has experienced severe reductions over the last few years.

Like big production houses, traditional TV channels have faced issues as the public has chosen streaming services as an alternative.

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