The Academy Awards Will Leave Broadcast TV and Stream on YouTube Beginning in the Year 2029.

The Academy Awards will commence streaming exclusively on YouTube in the year 2029, representing the newest major transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it signed a extended contract giving 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 show will be viewable in real-time without charge on YouTube.

This is a further substantial restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe production cuts.

"The Academy is an global institution, and this alliance will enable us to increase availability to the mission of the Academy to the biggest global viewership attainable - which will be beneficial for our Academy members and the movie industry," said organization heads in a release.

For many years, viewership of the televised event have dropped, even if there was a small rise in recent years, with a notable portion of younger viewers streaming from smartphones and desktops.

In a corresponding announcement, the head of YouTube described the Oscars "a key vital cultural touchstones" and said that partnering with the Academy would "inspire a younger cohort of artistic expression and film lovers while staying true to the Oscars' storied history".

The broadcast network, which has televised the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will still host.

This decision follows major studios deal with challenging merger discussions. These potential deals were viewed as unfavourable for an sector that has seen severe reductions over the past several years.

In common with big production houses, cable networks have struggled as the public has shifted towards digital platforms as an alternative.

The platform securing rights to the Oscars strongly indicates that the dominance of streaming sites will persist to grow.