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The Academy Awards will commence airing only on YouTube in the year 2029, representing the latest major change in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it signed a multi-year deal awarding YouTube the exclusive global rights to the Oscars until 2033.

The awards show, which is planned for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the ceremony will be available live and for free on YouTube.

It's one more significant shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe reductions in filming.

"Our Academy represents an global institution, and this partnership will permit us to broaden reach to the mission of the Academy to the largest worldwide audience imaginable - which will be positive for our membership and the film community," said the Academy's executives in a statement.

Over decades, viewership of the awards show have declined, even if there was a small rise in recent years, with a notable portion of youthful audiences watching from smartphones and computers.

In a separate statement, YouTube's CEO described the Oscars "one of our essential cultural institutions" and said that partnering with the Academy would "spark a fresh wave of artistic expression and movie fans while staying true to the Oscars' illustrious legacy".

ABC, which has streamed the awards since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will continue to air.

The move follows film industry giants deal with challenging merger discussions. Both options were considered problematic for an business that has seen drastic cuts over the past several years.

Similar to major studios, cable networks have faced issues as the public has chosen streaming services instead.

The platform securing broadcasting rights to the Oscars strongly indicates that the dominance of digital platforms will persist expanding.