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The Academy Awards will begin airing only on YouTube in 2029, marking the most recent substantial change in Hollywood.

The organization behind the Oscars made the announcement on this week, confirming that it entered into a long-term agreement awarding YouTube the exclusive global rights to the Oscars up to 2033.

The awards show, which is planned for March 15th, has been broadcast for a half a century on ABC. Starting in 2029, the ceremony will be accessible as a free live stream on the digital platform.

This is one more major upheaval in the entertainment world, which is navigating company buyouts and fusions, along with drastic reductions in filming.

"Our Academy represents an worldwide body, and this alliance will allow us to expand access to the work of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the movie industry," stated Academy leadership in a statement.

For many years, audience numbers of the ceremony have fallen, even if there was a slight uptick in recent years, with a considerable amount of younger viewers watching from smartphones and laptops.

In a separate statement, the head of YouTube described the Oscars "among our essential cultural touchstones" and said that teaming up with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".

The broadcast network, which has aired the awards since 1976, said that it was excited "to the upcoming broadcasts" it will continue to air.

The move follows large entertainment companies face intricate takeover attempts. These potential deals were viewed as unfavourable for an sector that has seen severe reductions over the past several years.

Similar to major studios, cable networks have faced issues as the public has increasingly opted for on-demand video instead.

YouTube winning the license to the Oscars further suggests that dependence on streaming sites will persist increasing.