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

The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it signed a long-term agreement granting the streaming service the exclusive global rights to the Oscars through 2033.

The Oscars, set for March 15th, has been televised for 50 years on the traditional network. Commencing in 2029, the ceremony will be viewable live and for free on YouTube.

This is one more substantial upheaval in Hollywood, which is navigating company buyouts and fusions, coupled with severe slashes to movie budgets.

"The Academy is an global institution, and this alliance will allow us to increase availability to the mission of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the cinematic world," stated Academy leadership in a statement.

Throughout a long period, viewership of the awards show have dropped, even if there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from smartphones and desktops.

In a separate statement, YouTube's CEO described the Oscars "among our fundamental pillars of culture" and said that partnering with the Academy would "inspire a fresh wave of innovation and film lovers while remaining faithful to the Oscars' storied heritage".

ABC, which has streamed the ceremony since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.

The move coincides with large entertainment companies face intricate takeover attempts. Such proposals were viewed as problematic for an sector that has seen drastic cuts over the last few years.

Like major studios, cable networks have faced issues as the public has chosen on-demand video instead.

The platform securing rights to the Academy Awards further suggests that dependence on streaming sites will continue to grow.