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The Academy Awards will commence streaming exclusively on YouTube in 2029, representing the latest substantial change in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it signed a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.

The awards show, scheduled for March 15th, has been broadcast for 50 years on ABC. Starting in 2029, the show will be available in real-time without charge on YouTube.

It's one more significant shakeup in the entertainment world, which is grappling with company buyouts and fusions, coupled with steep slashes to movie budgets.

"The Academy is an global institution, and this collaboration will enable us to expand access to the work of the Academy to the biggest global viewership attainable - which will be advantageous for our membership and the movie industry," stated the Academy's executives in a announcement.

For many years, ratings of the awards show have fallen, even if there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and computers.

In a related comment, the head of YouTube referred to the Oscars "a key essential cultural touchstones" and added that working with the Academy would "spark a new generation of artistic expression and film lovers while remaining faithful to the Oscars' illustrious history".

The broadcast network, which has aired the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.

The move follows major studios confront intricate takeover attempts. These potential deals were viewed as problematic for an business that has experienced severe reductions over the past several years.

In common with big production houses, traditional TV channels have faced issues as the public has increasingly opted for on-demand video instead.

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