The Academy Awards to Depart ABC and Broadcast Live on YouTube Starting in the Year 2029.

The Academy Awards will begin broadcasting solely on the global video platform in 2029, marking the latest substantial transformation in the film industry.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it entered into a extended contract granting the streaming service the unique international license to the Oscars through 2033.

The awards show, scheduled for 15 March, has been televised for a half a century on ABC. Commencing in 2029, the ceremony will be available in real-time without charge on the digital platform.

It's a further significant shakeup in the entertainment world, which is grappling with company buyouts and fusions, in addition to severe reductions in filming.

"The Academy is an global institution, and this collaboration will enable us to expand access to the activities of the Academy to the biggest global viewership possible - which will be advantageous for our membership and the film community," remarked organization heads in a statement.

Throughout a long period, audience numbers of the ceremony have fallen, although there was a slight uptick in recent years, with a considerable amount of younger viewers tuning in from cell phones and laptops.

In a separate statement, YouTube's CEO described the Oscars "one of our essential cultural institutions" and added that partnering with the Academy would "spark a fresh wave of artistic expression and film lovers while adhering to the Oscars' celebrated legacy".

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

This shift follows large entertainment companies confront complex corporate battles. Such proposals were considered unfavourable for an business that has seen significant downsizing over the past several years.

In common with major studios, cable networks have faced issues as the viewers has shifted towards on-demand video instead.

YouTube obtaining rights to the Academy Awards clearly signals that reliance on online services will carry on to grow.