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The Academy Awards will begin streaming exclusively on YouTube in the year 2029, marking the latest substantial shift in Hollywood.

The organization behind the Oscars made the announcement on this week, stating that it entered into a long-term agreement granting YouTube the exclusive global rights to the Oscars through 2033.

The Oscars, scheduled for 15 March, has been broadcast for 50 years on ABC. Commencing in 2029, the show will be available live and for free on YouTube.

It's another substantial upheaval in Hollywood, which is dealing with company buyouts and fusions, along with steep slashes to movie budgets.

"Our Academy represents an global institution, and this collaboration will allow us to expand access to the mission of the Academy to the biggest global viewership possible - which will be beneficial for our film artists and the cinematic world," stated the Academy's executives in a statement.

Throughout a long period, audience numbers of the ceremony have fallen, though there was a slight uptick in recent years, with a significant number of youthful audiences streaming from cell phones and computers.

In a related comment, the head of YouTube described the Oscars "a key essential cultural institutions" and added that partnering with the Academy would "motivate a fresh wave of innovation and film lovers while staying true to the Oscars' celebrated heritage".

The broadcast network, which has streamed the ceremony since 1976, said that it was excited "to the next three telecasts" it will still host.

This decision coincides with large entertainment companies deal with complex corporate battles. Such proposals were considered unfavourable for an sector that has seen severe reductions over the recent period.

Like big production houses, traditional TV channels have encountered challenges as the audience has chosen digital platforms instead.

The platform securing rights to the Oscars clearly signals that reliance on digital platforms will continue increasing.