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The Academy Awards will begin broadcasting solely on the global video platform in 2029, marking the most recent significant shift in Hollywood.

The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it finalized a long-term agreement giving YouTube the unique international license to the Oscars up to 2033.

The awards show, which is planned for March 15th, has aired for 50 years on ABC. Beginning in 2029, the ceremony will be available as a free live stream on YouTube.

It's a further major restructuring in the entertainment world, which is dealing with studio sales and mergers, along with steep reductions in filming.

"Our Academy represents an global institution, and this partnership will permit us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be advantageous for our Academy members and the film community," remarked the Academy's executives in a announcement.

For many years, viewership of the awards show have dropped, though there was a small rise in recent years, with a considerable amount of younger viewers streaming from smartphones and computers.

In a related comment, the video platform's chief executive described the Oscars "a key vital pillars of culture" and said that teaming up with the Academy would "motivate a fresh wave of creativity and cinema enthusiasts while adhering to the Oscars' storied heritage".

The broadcast network, which has streamed the ceremony since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will continue to air.

This shift coincides with large entertainment companies deal with intricate takeover attempts. These potential deals were considered problematic for an industry that has seen drastic cuts over the last few years.

Similar to big production houses, traditional TV channels have faced issues as the audience has chosen on-demand video instead.

YouTube winning broadcasting rights to the Academy Awards strongly indicates that dependence on streaming sites will continue expanding.