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The Academy Awards are set to start streaming exclusively on YouTube in the year 2029, signaling the most recent significant transformation in the film industry.

The organization behind the Oscars made the announcement on this week, indicating that it finalized a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.

The Oscars, scheduled for 15 March, has been televised for a half a century on ABC. Commencing in 2029, the ceremony will be available as a free live stream on YouTube.

This is a further significant shakeup in Hollywood, which is grappling with company buyouts and fusions, coupled with drastic reductions in filming.

"Our Academy represents an international organization, and this collaboration will enable us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our film artists and the film community," remarked the Academy's executives in a announcement.

Throughout a long period, audience numbers of the televised event have dropped, even if there was a minor increase in recent years, with a considerable amount of youthful audiences tuning in from smartphones and desktops.

In a related comment, the head of YouTube called the Oscars "among our essential cultural touchstones" and said that teaming up with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while staying true to the Oscars' illustrious heritage".

ABC, which has streamed the ceremony since the mid-1970s, stated that it was eagerly anticipating "to hosting the event three more times" it will continue to air.

This shift coincides with major studios confront complex corporate battles. Such proposals were seen as problematic for an industry that has experienced significant downsizing over the recent period.

In common with major studios, cable networks have struggled as the public has shifted towards digital platforms instead.

YouTube obtaining broadcasting rights to the Oscars clearly signals that dependence on online services will continue increasing.