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The Academy Awards are set to start streaming exclusively on YouTube in 2029, signaling the newest substantial shift in Hollywood.

The organization behind the Oscars declared the decision on Wednesday, confirming that it finalized a extended contract granting YouTube the exclusive global rights to the Oscars until 2033.

The awards show, set for March 15th, has been broadcast for five decades on ABC. Starting in 2029, the show will be viewable as a free live stream on the digital platform.

This is another major upheaval in Hollywood, which is grappling with studio sales and mergers, in addition to drastic production cuts.

"Our Academy represents an worldwide body, and this alliance will enable us to broaden reach to the work of the Academy to the most extensive international crowd attainable - which will be beneficial for our Academy members and the cinematic world," remarked the Academy's executives in a release.

For many years, audience numbers of the televised event have dropped, even if there was a minor increase in recent years, with a significant number of youthful audiences watching from cell phones and laptops.

In a corresponding announcement, YouTube's CEO described the Oscars "one of our vital cultural institutions" and added that working with the Academy would "motivate a younger cohort of creativity and movie fans while remaining faithful to the Oscars' celebrated heritage".

ABC, which has aired the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will still host.

The move follows major studios face intricate takeover attempts. These potential deals were viewed as unfavourable for an sector that has witnessed drastic cuts over the last few years.

Like major studios, traditional TV channels have encountered challenges as the audience has chosen streaming services instead.

YouTube obtaining broadcasting rights to the Academy Awards further suggests that dependence on online services will continue increasing.