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The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, representing the newest major change in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it finalized a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.

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

It's another significant shakeup in Hollywood, which is dealing with company buyouts and fusions, coupled with steep production cuts.

"The Academy is an international organization, and this alliance will allow us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be positive for our film artists and the film community," remarked Academy leadership in a release.

For many years, ratings of the televised event have declined, though there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and desktops.

In a corresponding announcement, the head of YouTube referred to the Oscars "one of our vital pillars of culture" and added that partnering with the Academy would "motivate a younger cohort of innovation and film lovers while staying true to the Oscars' storied heritage".

ABC, which has streamed the awards since 1976, said that it was excited "to the upcoming broadcasts" it will still host.

This decision follows film industry giants confront challenging merger discussions. Both options were considered problematic for an sector that has experienced drastic cuts over the last few years.

Like big production houses, cable networks have struggled as the viewers has shifted towards streaming services as an alternative.

The platform securing the license to the Oscars clearly signals that dependence on online services will persist expanding.