The Oscars Will Leave ABC and Stream on the Video Platform Starting in 2029.

The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, representing the most recent substantial shift in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it signed a long-term agreement awarding the streaming service the exclusive global rights to the Oscars until 2033.

The Oscars, set for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the event will be accessible in real-time without charge on YouTube.

This is another substantial restructuring in the entertainment world, which is grappling with studio sales and mergers, coupled with severe production cuts.

"The Academy is an global institution, and this partnership will permit us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be advantageous for our Academy members and the movie industry," stated organization heads in a statement.

Throughout a long period, ratings of the ceremony have dropped, even if there was a slight uptick in recent years, with a significant number of younger viewers streaming from mobile devices and desktops.

In a related comment, the video platform's chief executive referred to the Oscars "one of our vital cultural touchstones" and added that partnering with the Academy would "motivate a new generation of artistic expression and film lovers while staying true to the Oscars' celebrated heritage".

ABC, which has aired the ceremony since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.

This shift comes as film industry giants deal with challenging merger discussions. These potential deals were considered problematic for an industry that has seen significant downsizing over the last few years.

Similar to big production houses, traditional TV channels have encountered challenges as the public has chosen on-demand video as an alternative.

The platform securing rights to the Academy Awards strongly indicates that the dominance of digital platforms will carry on increasing.