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The Oscars ceremony will begin airing only on YouTube in the year 2029, marking the most recent major shift in Hollywood.

The organization behind the Oscars declared the decision on this week, stating that it finalized a long-term agreement granting YouTube the exclusive global rights to the Oscars up to 2033.

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

It's a further substantial upheaval in Hollywood, which is dealing with company buyouts and fusions, coupled with severe production cuts.

"The Academy is an international organization, and this collaboration will allow us to expand access to the activities of the Academy to the biggest global viewership attainable - which will be positive for our Academy members and the cinematic world," said organization heads in a release.

Throughout a long period, viewership of the televised event have fallen, although there was a minor increase in recent years, with a considerable amount of youthful audiences streaming from mobile devices and laptops.

In a corresponding announcement, the head of YouTube described the Oscars "among our vital pillars of culture" and added that partnering with the Academy would "spark a fresh wave of creativity and movie fans while remaining faithful to the Oscars' storied heritage".

The broadcast network, which has aired the awards since 1976, stated that it was excited "to hosting the event three more times" it will still host.

This decision follows film industry giants confront complex corporate battles. Such proposals were considered concerning for an industry that has experienced severe reductions over the last few years.

In common with big production houses, traditional TV channels have faced issues as the audience has increasingly opted for digital platforms instead.

YouTube obtaining the license to the Academy Awards clearly signals that reliance on streaming sites will carry on to grow.