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The Academy Awards will begin streaming exclusively on the global video platform in 2029, representing the latest substantial shift in the film industry.

The organization behind the Oscars declared the decision on Wednesday, confirming that it signed a extended contract granting the streaming service the exclusive global rights to the Oscars through 2033.

The Oscars, scheduled for March 15th, has been televised for a half a century on the traditional network. Beginning in 2029, the show will be viewable as a free live stream on YouTube.

This is a further major restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, along with severe production cuts.

"Our Academy represents an worldwide body, and this alliance will enable us to increase availability to the work of the Academy to the biggest global viewership imaginable - which will be beneficial for our film artists and the movie industry," said Academy leadership in a statement.

Over decades, ratings of the ceremony have declined, even if there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from smartphones and computers.

In a related comment, the video platform's chief executive described the Oscars "a key vital cultural touchstones" and added that partnering with the Academy would "motivate a fresh wave of innovation and film lovers while remaining faithful to the Oscars' celebrated legacy".

ABC, which has streamed the ceremony since 1976, stated that it was looking forward "to hosting the event three more times" it will retain rights for.

The move comes as major studios deal with complex corporate battles. These potential deals were considered concerning for an sector that has seen drastic cuts over the last few years.

In common with major studios, cable networks have encountered challenges as the viewers has increasingly opted for digital platforms instead.

The platform securing the license to the Academy Awards strongly indicates that dependence on digital platforms will persist to grow.