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The Academy Awards are set to start broadcasting solely on YouTube in 2029, marking the most recent significant transformation in the film industry.

The organization behind the Oscars made the announcement on this week, indicating that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars until 2033.

The Oscars, set for March 15th, has been broadcast for 50 years on ABC. Commencing in 2029, the show will be accessible as a free live stream on YouTube.

This is a further significant shakeup in Hollywood, which is grappling with studio sales and mergers, in addition to steep slashes to movie budgets.

"Our Academy represents an global institution, and this partnership will permit us to expand access to the work of the Academy to the largest worldwide audience possible - which will be beneficial for our Academy members and the movie industry," said the Academy's executives in a announcement.

Throughout a long period, viewership of the ceremony have dropped, though there was a small rise in recent years, with a significant number of younger viewers tuning in from cell phones and desktops.

In a related comment, the video platform's chief executive called the Oscars "a key fundamental cultural touchstones" and said that teaming up with the Academy would "inspire a younger cohort of innovation and film lovers while staying true to the Oscars' celebrated history".

The broadcast network, which has aired the awards since 1976, stated that it was excited "to the next three telecasts" it will continue to air.

The move follows major studios face challenging merger discussions. Both options were considered concerning for an sector that has seen severe reductions over the recent period.

Similar to major studios, traditional TV channels have encountered challenges as the public has chosen digital platforms instead.

YouTube obtaining rights to the Oscars strongly indicates that reliance on digital platforms will carry on expanding.