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The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, signaling the most recent significant change in Hollywood.

The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it finalized a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.

The awards show, set for March 15th, has been broadcast for five decades on ABC. Beginning in 2029, the event will be available live and for free on YouTube.

It's one more significant upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with steep production cuts.

"The Academy is an worldwide body, and this collaboration will allow us to broaden reach to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our Academy members and the movie industry," stated organization heads in a release.

Over decades, ratings of the televised event have declined, although there was a small rise in recent years, with a notable portion of younger viewers streaming from cell phones and computers.

In a related comment, YouTube's CEO referred to the Oscars "among our essential cultural touchstones" and added that working with the Academy would "motivate a younger cohort of creativity and movie fans while adhering to the Oscars' celebrated heritage".

The broadcast network, which has streamed the awards since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.

This shift comes as film industry giants face intricate takeover attempts. Both options were seen as problematic for an industry that has experienced significant downsizing over the recent period.

Similar to major studios, cable networks have struggled as the viewers has shifted towards on-demand video as an alternative.

YouTube obtaining the license to the Oscars clearly signals that dependence on streaming sites will persist expanding.