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The Oscars ceremony will begin broadcasting solely on YouTube in 2029, representing the newest major 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 the streaming service the unique international license to the Oscars up to 2033.

The Oscars, which is planned for March 15th, has been broadcast for a half a century on ABC. Commencing in 2029, the show will be viewable live and for free on the digital platform.

It's one more significant shakeup in Hollywood, which is navigating studio sales and mergers, along with steep reductions in filming.

"The Academy is an worldwide body, and this partnership will allow us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be beneficial for our membership and the movie industry," said the Academy's executives in a release.

For many years, audience numbers of the ceremony have declined, although there was a minor increase in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.

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

ABC, which has streamed the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will continue to air.

The move coincides with large entertainment companies confront intricate takeover attempts. Such proposals were considered concerning for an business that has seen severe reductions over the past several years.

Like major studios, cable networks have faced issues as the audience has increasingly opted for digital platforms instead.

YouTube obtaining rights to the Academy Awards strongly indicates that the dominance of online services will persist to grow.