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The Oscars ceremony will begin broadcasting solely on YouTube in the year 2029, marking the latest major change in Hollywood.

The organization behind the Oscars declared the decision on Wednesday, stating that it finalized a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, which is planned for March 15th, has been broadcast for a half a century on the traditional network. Commencing in 2029, the show will be viewable as a free live stream on YouTube.

It's a further major shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to drastic reductions in filming.

"Our Academy represents an global institution, and this alliance will enable us to expand access to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our film artists and the cinematic world," remarked the Academy's executives in a announcement.

Throughout a long period, viewership of the awards show have fallen, although there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers streaming from smartphones and desktops.

In a corresponding announcement, the video platform's chief executive described the Oscars "among our fundamental cultural institutions" and noted that partnering with the Academy would "inspire a younger cohort of artistic expression and movie fans while remaining faithful to the Oscars' illustrious legacy".

ABC, which has televised the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.

This decision coincides with large entertainment companies confront challenging merger discussions. These potential deals were seen as unfavourable for an business that has seen severe reductions over the past several years.

Similar to major studios, traditional TV channels have encountered challenges as the viewers has increasingly opted for on-demand video instead.

YouTube winning rights to the Oscars further suggests that the dominance of digital platforms will persist increasing.