The Academy Awards to Depart ABC and Stream on the Video Platform Starting in the Year 2029.

The Academy Awards are set to start streaming exclusively on YouTube in 2029, representing the most recent significant shift in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it signed a multi-year deal granting YouTube the unique international license to the Oscars until 2033.

The awards show, which is planned for 15 March, has been televised for 50 years on ABC. Beginning in 2029, the show will be viewable live and for free on the digital platform.

This is another significant shakeup in Hollywood, which is navigating company buyouts and fusions, in addition to drastic slashes to movie budgets.

"The Academy is an global institution, and this collaboration will enable us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the film community," stated the Academy's executives in a statement.

Over decades, viewership of the televised event have declined, though there was a minor increase in recent years, with a considerable amount of youthful audiences streaming from cell phones and desktops.

In a separate statement, the head of YouTube called the Oscars "one of our fundamental cultural institutions" and added that partnering with the Academy would "spark a new generation of creativity and movie fans while remaining faithful to the Oscars' illustrious history".

The broadcast network, which has televised the ceremony since the mid-1970s, commented that it was excited "to the upcoming broadcasts" it will continue to air.

This shift follows large entertainment companies deal with intricate takeover attempts. Such proposals were seen as problematic for an sector that has experienced drastic cuts over the last few years.

Similar to big production houses, traditional TV channels have faced issues as the public has increasingly opted for on-demand video as an alternative.

YouTube winning broadcasting rights to the Academy Awards clearly signals that the dominance of online services will persist to grow.