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The Oscars ceremony are set to start airing only on the global video platform in the year 2029, marking the latest substantial change in Hollywood.

The organization behind the Oscars made the announcement on this week, confirming that it signed a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, set for 15 March, has aired for a half a century on ABC. Beginning in 2029, the show will be viewable live and for free on YouTube.

It's a further substantial shakeup in Hollywood, which is dealing with company buyouts and fusions, in addition to drastic slashes to movie budgets.

"The Academy is an international organization, and this alliance will enable us to expand access to the work of the Academy to the biggest global viewership possible - which will be advantageous for our membership and the cinematic world," said Academy leadership in a statement.

Over decades, viewership of the ceremony have fallen, even if there was a slight uptick in recent years, with a considerable amount of youthful audiences watching from cell phones and desktops.

In a separate statement, YouTube's CEO called the Oscars "among our fundamental pillars of culture" and said that teaming up with the Academy would "spark a fresh wave of artistic expression and movie fans while staying true to the Oscars' storied history".

The broadcast network, which has streamed the awards since 1976, stated that it was excited "to the upcoming broadcasts" it will still host.

This decision follows film industry giants face complex corporate battles. These potential deals were viewed as concerning for an sector that has seen significant downsizing over the past several years.

In common with big production houses, cable networks have encountered challenges as the public has chosen on-demand video as an alternative.

The platform securing the license to the Academy Awards strongly indicates that reliance on streaming sites will carry on increasing.