The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.

The Academy Awards will begin broadcasting solely on the global video platform in 2029, marking the most recent substantial transformation 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 giving YouTube the exclusive global rights to the Oscars through 2033.

The awards show, set for 15 March, has aired for 50 years on the traditional network. Commencing in 2029, the ceremony will be viewable as a free live stream on YouTube.

This is another major shakeup in Hollywood, which is navigating studio sales and mergers, coupled with steep slashes to movie budgets.

"The Academy is an international organization, and this collaboration will allow us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our film artists and the film community," remarked the Academy's executives in a statement.

For many years, audience numbers of the televised event have fallen, even if there was a minor increase in recent years, with a notable portion of younger viewers streaming from cell phones and computers.

In a separate statement, YouTube's CEO referred to the Oscars "one of our fundamental cultural institutions" and noted that working with the Academy would "inspire a fresh wave of innovation and movie fans while adhering to the Oscars' illustrious heritage".

ABC, which has aired the awards since the mid-1970s, commented that it was excited "to the upcoming broadcasts" it will retain rights for.

The move follows film industry giants deal with complex corporate battles. These potential deals were viewed as unfavourable for an business that has experienced significant downsizing over the recent period.

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

YouTube obtaining rights to the Academy Awards strongly indicates that the dominance of streaming sites will continue to grow.