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The Academy Awards will begin airing only on YouTube in the year 2029, signaling the most recent significant shift in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it finalized a long-term agreement giving the streaming service the unique international license to the Oscars through 2033.

The awards show, which is planned for 15 March, has been televised for 50 years on the traditional network. Commencing in 2029, the ceremony will be available live and for free on the digital platform.

This is one more substantial upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with steep production cuts.

"The Academy is an global institution, and this partnership will permit us to broaden reach to the activities of the Academy to the largest worldwide audience attainable - which will be advantageous for our film artists and the film community," stated Academy leadership in a release.

For many years, ratings of the ceremony have declined, although there was a minor increase in recent years, with a significant number of youthful audiences streaming from smartphones and desktops.

In a related comment, the video platform's chief executive called the Oscars "one of our vital cultural institutions" and said that working with the Academy would "inspire a younger cohort of creativity and movie fans while adhering to the Oscars' celebrated legacy".

ABC, which has streamed the ceremony since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.

This decision coincides with film industry giants face complex corporate battles. These potential deals were viewed as problematic for an business that has seen drastic cuts over the last few years.

Similar to big production houses, traditional TV channels have faced issues as the viewers has chosen streaming services instead.

YouTube obtaining rights to the Academy Awards further suggests that dependence on streaming sites will persist to grow.