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The Academy Awards will begin broadcasting solely on the global video platform in 2029, signaling the newest significant shift in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it entered into a extended contract awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.

The Oscars, set for March 15th, has aired for 50 years on the traditional network. Commencing in 2029, the ceremony will be accessible as a free live stream on YouTube.

It's another substantial restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with steep slashes to movie budgets.

"Our Academy represents an international organization, and this collaboration will enable us to expand access to the work of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the cinematic world," said organization heads in a statement.

Over decades, audience numbers of the awards show have dropped, although there was a slight uptick in recent years, with a considerable amount of youthful audiences streaming from smartphones and laptops.

In a related comment, the video platform's chief executive called the Oscars "one of our essential cultural institutions" and said that teaming up with the Academy would "inspire a new generation of creativity and movie fans while adhering to the Oscars' storied heritage".

ABC, which has aired the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the next three telecasts" it will retain rights for.

This shift comes as major studios confront complex corporate battles. These potential deals were considered concerning for an sector that has experienced drastic cuts over the past several years.

Similar to big production houses, traditional TV channels have encountered challenges as the viewers has chosen digital platforms instead.

The platform securing broadcasting rights to the Academy Awards clearly signals that reliance on digital platforms will continue to grow.