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The Oscars ceremony are set to start broadcasting solely on the global video platform in the year 2029, representing the most recent substantial transformation in the film industry.

The organization behind the Oscars revealed the news on this week, stating that it finalized a multi-year deal awarding YouTube the exclusive global rights to the Oscars up to 2033.

The Oscars, which is planned for 15 March, has aired for 50 years on ABC. Beginning in 2029, the ceremony will be viewable in real-time without charge on YouTube.

It's a further significant upheaval in the entertainment world, which is dealing with studio sales and mergers, coupled with severe reductions in filming.

"The Academy is an international organization, and this collaboration will allow us to broaden reach to the mission of the Academy to the most extensive international crowd imaginable - which will be advantageous for our film artists and the film community," remarked the Academy's executives in a release.

For many years, audience numbers of the awards show have dropped, even if there was a minor increase in recent years, with a significant number of youthful audiences watching from cell phones and laptops.

In a corresponding announcement, the video platform's chief executive referred to the Oscars "among our essential pillars of culture" and noted that partnering with the Academy would "spark a new generation of artistic expression and movie fans while staying true to the Oscars' celebrated legacy".

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

This shift coincides with major studios confront complex corporate battles. Such proposals were considered concerning for an industry that has witnessed drastic cuts over the last few years.

Similar to big production houses, traditional TV channels have struggled as the viewers has increasingly opted for on-demand video instead.

The platform securing broadcasting rights to the Academy Awards further suggests that dependence on online services will continue expanding.