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

The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it signed a extended contract granting the streaming service the unique international license to the Oscars up to 2033.

The awards show, set for 15 March, has been broadcast for a half a century on ABC. Commencing in 2029, the event will be viewable live and for free on the digital platform.

This is one more significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, along with steep reductions in filming.

"Our Academy represents an international organization, and this alliance will permit us to expand access to the mission of the Academy to the biggest global viewership possible - which will be beneficial for our Academy members and the film community," remarked Academy leadership in a release.

For many years, audience numbers of the awards show have dropped, although there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from mobile devices and desktops.

In a corresponding announcement, the video platform's chief executive called the Oscars "among our fundamental cultural touchstones" and noted that working with the Academy would "inspire a younger cohort of creativity and film lovers while staying true to the Oscars' storied heritage".

The broadcast network, which has aired the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will still host.

This shift coincides with large entertainment companies confront complex corporate battles. Such proposals were considered problematic for an business that has experienced severe reductions over the past several years.

Similar to major studios, traditional TV channels have struggled as the public has increasingly opted for on-demand video instead.

YouTube winning the license to the Oscars clearly signals that reliance on digital platforms will persist increasing.