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The Oscars ceremony will commence broadcasting solely on the global video platform in 2029, marking the newest significant shift in the film industry.

The organization behind the Oscars declared the decision on Wednesday, confirming that it entered into a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, set for March 15th, has been televised for 50 years on ABC. Beginning in 2029, the event will be viewable as a free live stream on the digital platform.

It's one more significant shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, along with steep reductions in filming.

"The Academy is an global institution, and this partnership will permit us to broaden reach to the mission of the Academy to the biggest global viewership attainable - which will be positive for our membership and the cinematic world," said organization heads in a statement.

Over decades, audience numbers of the ceremony have dropped, even if there was a small rise in 2025, with a significant number of Gen Z and millennial watchers tuning in from smartphones and desktops.

In a related comment, YouTube's CEO described the Oscars "a key essential cultural touchstones" and noted that teaming up with the Academy would "motivate a younger cohort of innovation and movie fans while adhering to the Oscars' celebrated history".

ABC, which has aired the ceremony since 1976, commented that it was looking forward "to the upcoming broadcasts" it will retain rights for.

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

Similar to major studios, cable networks have struggled as the viewers has increasingly opted for digital platforms as an alternative.

YouTube winning the license to the Academy Awards clearly signals that the dominance of streaming sites will persist expanding.