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

The Oscars ceremony will commence streaming exclusively on YouTube in 2029, signaling the newest major shift in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it finalized a long-term agreement awarding the streaming service the exclusive global rights to the Oscars up to 2033.

The awards show, which is planned for 15 March, has been broadcast for five decades on ABC. Starting in 2029, the ceremony will be viewable live and for free on YouTube.

This is another significant shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with drastic reductions in filming.

"The Academy is an global institution, and this collaboration will allow us to expand access to the activities of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the movie industry," said organization heads in a statement.

For many years, viewership of the ceremony have declined, even if there was a slight uptick in recent years, with a notable portion of youthful audiences watching from smartphones and laptops.

In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our fundamental cultural touchstones" and added that partnering with the Academy would "spark a fresh wave of artistic expression and film lovers while adhering to the Oscars' storied legacy".

ABC, which has televised the awards since 1976, said that it was looking forward "to the upcoming broadcasts" it will still host.

The move comes as large entertainment companies deal with intricate takeover attempts. Both options were seen as concerning for an business that has seen drastic cuts over the last few years.

Like big production houses, cable networks have encountered challenges as the audience has shifted towards streaming services as an alternative.

YouTube obtaining the license to the Academy Awards further suggests that reliance on digital platforms will carry on expanding.