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The Academy Awards will begin streaming exclusively on the global video platform in 2029, representing the most recent major shift in Hollywood.

The organization behind the Oscars revealed the news on Wednesday, indicating that it entered into a long-term agreement giving YouTube the unique international license to the Oscars up to 2033.

The awards show, set for March 15th, has been televised for five decades on ABC. Commencing in 2029, the ceremony will be viewable live and for free on YouTube.

It's one more significant upheaval in the entertainment world, which is navigating studio sales and mergers, along with drastic reductions in filming.

"The Academy is an global institution, and this partnership will permit us to broaden reach to the work of the Academy to the largest worldwide audience imaginable - which will be positive for our membership and the movie industry," said the Academy's executives in a statement.

Over decades, ratings of the televised event have declined, although there was a minor increase in recent years, with a considerable amount of youthful audiences tuning in from cell phones and desktops.

In a related comment, YouTube's CEO called the Oscars "among our fundamental pillars of culture" and noted that working with the Academy would "motivate a new generation of artistic expression and film lovers while staying true to the Oscars' celebrated legacy".

ABC, which has streamed the awards since 1976, stated that it was excited "to the upcoming broadcasts" it will retain rights for.

The move coincides with film industry giants deal with intricate takeover attempts. Such proposals were considered unfavourable for an sector that has seen severe reductions over the past several years.

Like major studios, traditional TV channels have faced issues as the viewers has increasingly opted for digital platforms as an alternative.

YouTube obtaining broadcasting rights to the Oscars clearly signals that reliance on online services will persist to grow.