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The Oscars ceremony will commence streaming exclusively on the global video platform in 2029, representing the most recent substantial shift in Hollywood.

The organization behind the Oscars made the announcement on Wednesday, indicating that it signed a multi-year deal awarding YouTube the exclusive global rights to the Oscars until 2033.

The awards show, scheduled for March 15th, has been televised for 50 years on the traditional network. Starting in 2029, the ceremony will be available live and for free on YouTube.

This is a further substantial upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with drastic reductions in filming.

"The Academy is an global institution, and this collaboration will allow us to increase availability to the activities of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the movie industry," stated organization heads in a announcement.

Throughout a long period, viewership of the ceremony have declined, even if there was a slight uptick in recent years, with a significant number of youthful audiences streaming from cell phones and computers.

In a corresponding announcement, the video platform's chief executive referred to the Oscars "a key vital cultural touchstones" and said that teaming up with the Academy would "spark a new generation of artistic expression and cinema enthusiasts while adhering to the Oscars' illustrious heritage".

The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will retain rights for.

This decision follows film industry giants deal with complex corporate battles. These potential deals were seen as unfavourable for an sector that has witnessed significant downsizing over the last few years.

Similar to big production houses, cable networks have faced issues as the audience has increasingly opted for digital platforms instead.

YouTube winning broadcasting rights to the Oscars clearly signals that the dominance of online services will continue expanding.