The Oscars Will Leave ABC and Broadcast Live on YouTube Beginning in the Year 2029.

The Academy Awards are set to start broadcasting solely on YouTube in 2029, signaling the latest significant shift in Hollywood.

The organization behind the Oscars made the announcement on this week, indicating that it signed a multi-year deal giving YouTube the unique international license to the Oscars until 2033.

The Oscars, scheduled for March 15th, has been broadcast for 50 years on ABC. Beginning in 2029, the ceremony will be accessible live and for free on the digital platform.

This is a further major upheaval in the entertainment world, which is dealing with company buyouts and fusions, in addition to steep production cuts.

"The Academy is an international organization, and this collaboration will permit us to increase availability to the work of the Academy to the most extensive international crowd imaginable - which will be advantageous for our membership and the film community," remarked the Academy's executives in a announcement.

Throughout a long period, audience numbers of the televised event have declined, though there was a slight uptick in recent years, with a significant number of younger viewers streaming from smartphones and laptops.

In a separate statement, the head of YouTube referred to the Oscars "a key fundamental pillars of culture" and said that working with the Academy would "motivate a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious history".

The broadcast network, which has televised the awards since 1976, said that it was looking forward "to the upcoming broadcasts" it will continue to air.

The move follows large entertainment companies deal with intricate takeover attempts. These potential deals were viewed as unfavourable for an business that has seen drastic cuts over the past several years.

In common with big production houses, cable networks have struggled as the viewers has shifted towards streaming services instead.

YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that reliance on streaming sites will carry on expanding.