The Academy Awards Are Exiting ABC and Stream on the Video Platform Starting in the Year 2029.

The Academy Awards will begin airing only on the global video platform in the year 2029, representing the latest significant change in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it finalized a long-term agreement granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.

The Oscars, set for 15 March, has been televised for 50 years on ABC. Starting in 2029, the show will be available in real-time without charge on the digital platform.

This is a further significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with severe reductions in filming.

"The Academy is an international organization, and this partnership will enable us to expand access to the activities of the Academy to the most extensive international crowd possible - which will be positive for our film artists and the film community," stated Academy leadership in a statement.

Over decades, audience numbers of the ceremony have fallen, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from cell phones and desktops.

In a related comment, the head of YouTube referred to the Oscars "a key fundamental cultural touchstones" and said that teaming up with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while staying true to the Oscars' storied legacy".

The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was excited "to hosting the event three more times" it will still host.

This shift comes as film industry giants confront challenging merger discussions. Both options were viewed as concerning for an industry that has experienced drastic cuts over the recent period.

Similar to big production houses, cable networks have faced issues as the viewers has shifted towards streaming services instead.

YouTube winning broadcasting rights to the Academy Awards strongly indicates that the dominance of digital platforms will continue increasing.