The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.

The Academy Awards will commence streaming exclusively on the global video platform in 2029, signaling the latest substantial change in Hollywood.

The organization behind the Oscars made the announcement on Wednesday, stating that it entered into a long-term agreement giving YouTube the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, which is planned for 15 March, has been televised for a half a century on ABC. Starting in 2029, the ceremony will be viewable as a free live stream on YouTube.

This is one more substantial shakeup in Hollywood, which is grappling with company buyouts and fusions, coupled with steep slashes to movie budgets.

"The Academy is an international organization, and this partnership will allow us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the cinematic world," stated Academy leadership in a statement.

Throughout a long period, viewership of the awards show have fallen, though there was a small rise in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.

In a separate statement, the head of YouTube called the Oscars "one of our essential cultural institutions" and said that partnering with the Academy would "spark a younger cohort of innovation and film lovers while remaining faithful to the Oscars' illustrious heritage".

The broadcast network, which has streamed the ceremony since the mid-1970s, commented that it was excited "to hosting the event three more times" it will still host.

The move follows large entertainment companies confront challenging merger discussions. Such proposals were considered unfavourable for an industry that has seen drastic cuts over the recent period.

In common with major studios, traditional TV channels have faced issues as the public has chosen digital platforms instead.

YouTube winning broadcasting rights to the Oscars clearly signals that the dominance of streaming sites will persist expanding.