The Oscars to Depart Broadcast TV and Stream on YouTube Beginning in 2029.

The Academy Awards are set to start streaming exclusively on the global video platform in 2029, marking the most recent major shift in Hollywood.

The organization behind the Oscars made the announcement on Wednesday, indicating that it entered into a extended contract granting the streaming service the exclusive global rights to the Oscars through 2033.

The Oscars, scheduled for March 15th, has been televised for 50 years on ABC. Starting in 2029, the show will be accessible in real-time without charge on YouTube.

It's another major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, along with drastic slashes to movie budgets.

"The Academy is an worldwide body, and this partnership will permit us to expand access to the activities of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the movie industry," remarked organization heads in a release.

Throughout a long period, ratings of the televised event have fallen, even if there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from smartphones and desktops.

In a related comment, YouTube's CEO referred to the Oscars "among our fundamental cultural touchstones" and said that teaming up with the Academy would "motivate a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' storied legacy".

The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was excited "to hosting the event three more times" it will retain rights for.

This decision follows major studios confront challenging merger discussions. Both options were viewed as problematic for an industry that has seen severe reductions over the last few years.

Similar to major studios, cable networks have encountered challenges as the audience has shifted towards on-demand video as an alternative.

The platform securing rights to the Academy Awards further suggests that dependence on streaming sites will continue to grow.