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The Oscars ceremony will begin airing only on YouTube in 2029, representing the most recent major transformation in the film industry.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it signed a extended contract giving the streaming service the exclusive global rights to the Oscars until 2033.

The awards show, scheduled for 15 March, has aired for a half a century on ABC. Starting in 2029, the event will be available in real-time without charge on YouTube.

It's another significant upheaval in Hollywood, which is navigating company buyouts and fusions, coupled with drastic slashes to movie budgets.

"Our Academy represents an global institution, and this collaboration will permit us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be beneficial for our membership and the movie industry," remarked the Academy's executives in a statement.

Throughout a long period, ratings of the awards show have dropped, although there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers tuning in from smartphones and laptops.

In a related comment, YouTube's CEO referred to the Oscars "among our vital pillars of culture" and said that teaming up with the Academy would "motivate a fresh wave of artistic expression and movie fans while adhering to the Oscars' celebrated history".

ABC, which has aired the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will still host.

This decision coincides with film industry giants deal with complex corporate battles. Both options were viewed as concerning for an industry that has experienced severe reductions over the last few years.

Similar to major studios, traditional TV channels have encountered challenges as the audience has shifted towards digital platforms instead.

YouTube winning the license to the Oscars further suggests that the dominance of digital platforms will carry on expanding.