The Oscars to Depart ABC and Broadcast Live on the Video Platform Beginning in 2029.

The Oscars ceremony will begin broadcasting solely on YouTube in the year 2029, representing the latest significant transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it entered into a multi-year deal giving YouTube the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, which is planned for 15 March, has aired for a half a century on the traditional network. Commencing in 2029, the event will be accessible in real-time without charge on the digital platform.

This is a further significant restructuring in the entertainment world, which is grappling with company buyouts and fusions, coupled with steep production cuts.

"Our Academy represents an global institution, and this collaboration will enable us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be advantageous for our Academy members and the movie industry," remarked organization heads in a announcement.

Over decades, ratings of the awards show have dropped, though there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from smartphones and laptops.

In a separate statement, the video platform's chief executive described the Oscars "one of our fundamental cultural touchstones" and noted that teaming up with the Academy would "inspire a new generation of artistic expression and film lovers while remaining faithful to the Oscars' storied legacy".

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

This shift comes as large entertainment companies deal with complex corporate battles. These potential deals were seen as problematic for an sector that has experienced significant downsizing over the last few years.

Similar to major studios, cable networks have struggled as the public has shifted towards on-demand video instead.

The platform securing broadcasting rights to the Academy Awards further suggests that dependence on digital platforms will continue expanding.