The Oscars to Depart Broadcast TV and Stream on the Video Platform Beginning in 2029.

The Academy Awards are set to start airing only on the global video platform in the year 2029, signaling the most recent significant transformation in the film industry.

The organization behind the Oscars declared the decision on Wednesday, stating that it finalized a multi-year deal awarding the streaming service the unique international license to the Oscars until 2033.

The awards show, scheduled for 15 March, has been broadcast for a half a century on the traditional network. Commencing in 2029, the event will be accessible live and for free on the digital platform.

This is a further major restructuring in the entertainment world, which is navigating studio sales and mergers, along with drastic reductions in filming.

"Our Academy represents an international organization, and this partnership will allow us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the cinematic world," said organization heads in a announcement.

For many years, viewership of the ceremony have fallen, though there was a small rise in recent years, with a notable portion of youthful audiences streaming from mobile devices and desktops.

In a separate statement, the video platform's chief executive referred to the Oscars "one of our essential pillars of culture" and noted that teaming up with the Academy would "motivate a fresh wave of creativity and film lovers while remaining faithful to the Oscars' celebrated heritage".

The broadcast network, which has aired the ceremony since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.

This decision coincides with large entertainment companies face challenging merger discussions. Both options were seen as unfavourable for an sector that has experienced drastic cuts over the recent period.

Like major studios, traditional TV channels have struggled as the public has chosen streaming services instead.

The platform securing rights to the Academy Awards clearly signals that the dominance of digital platforms will continue to grow.