The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Starting in the Year 2029.

The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, signaling the latest major transformation in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it signed a long-term agreement giving the streaming service the unique international license to the Oscars up to 2033.

The awards show, which is planned for March 15th, has been televised for 50 years on the traditional network. Beginning in 2029, the show will be accessible as a free live stream on the digital platform.

It's a further major restructuring in Hollywood, which is navigating studio sales and mergers, along with drastic reductions in filming.

"The Academy is an worldwide body, and this alliance will allow us to broaden reach to the work of the Academy to the most extensive international crowd attainable - which will be advantageous for our Academy members and the movie industry," said organization heads in a release.

Throughout a long period, ratings of the ceremony have declined, although there was a small rise in recent years, with a significant number of youthful audiences tuning in from cell phones and computers.

In a corresponding announcement, the video platform's chief executive described the Oscars "one of our vital cultural institutions" and said that partnering with the Academy would "inspire a fresh wave of innovation and film lovers while remaining faithful to the Oscars' illustrious history".

The broadcast network, which has aired the awards since the mid-1970s, commented that it was excited "to the upcoming broadcasts" it will retain rights for.

This decision comes as major studios confront challenging merger discussions. Both options were viewed as unfavourable for an sector that has seen significant downsizing over the past several years.

Like major studios, cable networks have struggled as the viewers has shifted towards on-demand video instead.

YouTube winning broadcasting rights to the Academy Awards further suggests that the dominance of online services will continue expanding.