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The Oscars ceremony are set to start airing only on the global video platform in 2029, representing the most recent major transformation in Hollywood.

The organization behind the Oscars declared the decision on Wednesday, confirming that it finalized a extended contract giving the streaming service the unique international license to the Oscars through 2033.

The awards show, scheduled for 15 March, has been broadcast for five decades on ABC. Commencing in 2029, the show will be accessible live and for free on the digital platform.

This is one more substantial upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with steep reductions in filming.

"The Academy is an global institution, and this partnership will allow us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be positive for our Academy members and the movie industry," said organization heads in a statement.

Over decades, viewership of the ceremony have dropped, even if there was a slight uptick in recent years, with a considerable amount of youthful audiences watching from smartphones and desktops.

In a corresponding announcement, YouTube's CEO described the Oscars "a key vital cultural institutions" and said that partnering with the Academy would "spark a younger cohort of artistic expression and movie fans while staying true to the Oscars' illustrious legacy".

The broadcast network, which has streamed the awards since 1976, said that it was looking forward "to the next three telecasts" it will continue to air.

This decision coincides with film industry giants deal with complex corporate battles. Such proposals were seen as concerning for an sector that has witnessed significant downsizing over the past several years.

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

YouTube obtaining the license to the Oscars further suggests that dependence on digital platforms will carry on to grow.