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The Oscars ceremony will commence airing only on YouTube in the year 2029, signaling the latest substantial transformation in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it finalized a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.

The Oscars, scheduled for March 15th, has been televised for a half a century on ABC. Starting in 2029, the show will be viewable live and for free on YouTube.

It's one more significant shakeup in Hollywood, which is navigating studio sales and mergers, in addition to steep slashes to movie budgets.

"The Academy is an global institution, and this alliance will permit us to expand access to the activities of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the movie industry," remarked Academy leadership in a announcement.

Over decades, viewership of the awards show have declined, though there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.

In a related comment, the head of YouTube referred to the Oscars "one of our essential cultural institutions" and said that working with the Academy would "motivate a fresh wave of creativity and movie fans while staying true to the Oscars' illustrious heritage".

ABC, which has streamed the ceremony since 1976, said that it was looking forward "to hosting the event three more times" it will continue to air.

The move follows major studios face intricate takeover attempts. Both options were viewed as concerning for an industry that has witnessed drastic cuts over the past several years.

In common with major studios, traditional TV channels have faced issues as the public has increasingly opted for digital platforms instead.

The platform securing broadcasting rights to the Oscars strongly indicates that dependence on digital platforms will persist to grow.