The Academy Awards Are Exiting ABC and Stream on the Video Platform Beginning in the Year 2029.

The Oscars ceremony will begin airing only on YouTube in 2029, representing the latest significant change in Hollywood.

The organization behind the Oscars made the announcement on this week, indicating that it entered into a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, which is planned for March 15th, has been televised for five decades on ABC. Beginning in 2029, the ceremony will be accessible in real-time without charge on the digital platform.

It's another substantial upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, along with severe reductions in filming.

"The Academy is an global institution, and this collaboration will allow us to increase availability to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the cinematic world," stated organization heads in a release.

Over decades, viewership of the awards show have fallen, though there was a small rise in recent years, with a significant number of Gen Z and millennial watchers tuning in from mobile devices and computers.

In a related comment, the head of YouTube called the Oscars "one of our vital cultural touchstones" and noted that working with the Academy would "inspire a fresh wave of creativity and film lovers while adhering to the Oscars' celebrated heritage".

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

This shift coincides with major studios deal with complex corporate battles. These potential deals were seen as unfavourable for an industry that has experienced severe reductions over the past several years.

In common with big production houses, cable networks have encountered challenges as the viewers has chosen digital platforms as an alternative.

The platform securing rights to the Academy Awards strongly indicates that reliance on online services will persist expanding.