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The Oscars ceremony will commence airing only on YouTube in 2029, marking the latest significant shift in the film industry.

The organization behind the Oscars made the announcement on this week, indicating that it signed a long-term agreement giving the streaming service the unique international license to the Oscars until 2033.

The awards show, scheduled for 15 March, has aired for five decades on the traditional network. Beginning in 2029, the event will be accessible live and for free on YouTube.

This is another substantial upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, along with severe production cuts.

"Our Academy represents an worldwide body, and this partnership will enable us to increase availability to the mission of the Academy to the most extensive international crowd attainable - which will be beneficial for our membership and the cinematic world," remarked organization heads in a release.

Throughout a long period, audience numbers of the ceremony have fallen, although there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from smartphones and desktops.

In a separate statement, YouTube's CEO referred to the Oscars "one of our vital cultural touchstones" and added that partnering with the Academy would "inspire a fresh wave of creativity and movie fans while adhering to the Oscars' illustrious history".

The broadcast network, which has televised the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will continue to air.

This decision follows film industry giants deal with complex corporate battles. Such proposals were viewed as problematic for an industry that has witnessed severe reductions over the past several years.

In common with major studios, cable networks have faced issues as the viewers has increasingly opted for digital platforms as an alternative.

YouTube obtaining the license to the Academy Awards strongly indicates that dependence on digital platforms will carry on increasing.