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The Academy Awards will commence airing only on the global video platform in 2029, marking the most recent major shift in the film industry.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it finalized a long-term agreement awarding the streaming service the exclusive global rights to the Oscars until 2033.

The Oscars, scheduled for March 15th, has been televised for 50 years on ABC. Commencing in 2029, the ceremony will be available as a free live stream on YouTube.

This is one more significant restructuring in Hollywood, which is navigating studio sales and mergers, in addition to severe production cuts.

"Our Academy represents an worldwide body, and this alliance will allow us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be positive for our membership and the movie industry," said the Academy's executives in a announcement.

For many years, ratings of the awards show have fallen, even if there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers tuning in from smartphones and laptops.

In a related comment, the video platform's chief executive referred to the Oscars "a key essential pillars of culture" and said that teaming up with the Academy would "spark a new generation of innovation and film lovers while remaining faithful to the Oscars' storied legacy".

ABC, which has aired the awards since 1976, said that it was eagerly anticipating "to the next three telecasts" it will still host.

This shift follows film industry giants face complex corporate battles. Both options were viewed as problematic for an industry that has experienced severe reductions over the recent period.

In common with major studios, traditional TV channels have faced issues as the audience has chosen digital platforms instead.

The platform securing the license to the Academy Awards further suggests that reliance on online services will persist to grow.