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The Academy Awards are set to start airing only on YouTube in the year 2029, signaling the newest significant shift in Hollywood.

The organization behind the Oscars declared the decision on this week, indicating that it signed a extended contract giving the streaming service the exclusive global rights to the Oscars up to 2033.

The Oscars, which is planned for 15 March, has aired for five decades on ABC. Commencing in 2029, the event will be viewable in real-time without charge on the digital platform.

This is one more significant upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.

"Our Academy represents an worldwide body, and this alliance will permit us to broaden reach to the activities of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the film community," said the Academy's executives in a announcement.

Over decades, audience numbers of the awards show have dropped, although there was a small rise in recent years, with a significant number of younger viewers watching from mobile devices and computers.

In a related comment, YouTube's CEO called the Oscars "a key fundamental cultural institutions" and noted that working with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while adhering to the Oscars' illustrious legacy".

ABC, which has aired the awards since the mid-1970s, said that it was excited "to the next three telecasts" it will continue to air.

The move follows film industry giants face complex corporate battles. Such proposals were considered concerning for an sector that has seen severe reductions over the recent period.

Similar to major studios, traditional TV channels have struggled as the public has chosen on-demand video instead.

The platform securing the license to the Oscars strongly indicates that the dominance of streaming sites will carry on to grow.