The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.

The Academy Awards will begin broadcasting solely on the global video platform in 2029, signaling the most recent major change in the film industry.

The organization behind the Oscars declared the decision on Wednesday, confirming that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars up to 2033.

The awards show, set for 15 March, has been broadcast for five decades on the traditional network. Beginning in 2029, the event will be accessible in real-time without charge on the digital platform.

It's a further substantial upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, along with severe reductions in filming.

"The Academy is an worldwide body, and this partnership will enable us to broaden reach to the mission of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the movie industry," remarked the Academy's executives in a release.

For many years, ratings of the ceremony have fallen, although there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers watching from smartphones and laptops.

In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our vital cultural touchstones" and added that partnering with the Academy would "spark a fresh wave of innovation and movie fans while remaining faithful to the Oscars' storied heritage".

The broadcast network, which has aired the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will continue to air.

This decision coincides with film industry giants confront complex corporate battles. Both options were viewed as problematic for an business that has seen severe reductions over the recent period.

Like big production houses, cable networks have struggled as the public has increasingly opted for streaming services instead.

The platform securing broadcasting rights to the Academy Awards clearly signals that reliance on streaming sites will continue increasing.