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The Academy Awards will begin broadcasting solely on the global video platform in 2029, signaling the latest major shift in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it finalized a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, which is planned for March 15th, has been broadcast for five decades on ABC. Starting in 2029, the show will be accessible in real-time without charge on the digital platform.

This is a further significant upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, in addition to drastic reductions in filming.

"Our Academy represents an worldwide body, and this collaboration will permit us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the cinematic world," stated organization heads in a statement.

Throughout a long period, audience numbers of the ceremony have fallen, although there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from smartphones and laptops.

In a related comment, the head of YouTube referred to the Oscars "a key essential cultural institutions" and said that working with the Academy would "spark a fresh wave of innovation and film lovers while adhering to the Oscars' celebrated heritage".

ABC, which has streamed the awards since 1976, stated that it was looking forward "to hosting the event three more times" it will still host.

This shift coincides with film industry giants face complex corporate battles. These potential deals were seen as concerning for an business that has seen drastic cuts over the past several years.

Like major studios, cable networks have faced issues as the audience has increasingly opted for streaming services as an alternative.

The platform securing the license to the Oscars further suggests that dependence on streaming sites will carry on to grow.