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The Academy Awards are set to start broadcasting solely on YouTube in the year 2029, signaling the latest significant shift in the film industry.

The organization behind the Oscars revealed the news on Wednesday, indicating that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars through 2033.

The awards show, set for March 15th, has aired for five decades on ABC. Beginning in 2029, the ceremony will be accessible live and for free on YouTube.

This is a further significant shakeup in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep production cuts.

"Our Academy represents an global institution, and this collaboration will permit us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be advantageous for our membership and the film community," said organization heads in a release.

For many years, viewership of the ceremony have dropped, even if there was a slight uptick in recent years, with a notable portion of younger viewers tuning in from mobile devices and laptops.

In a related comment, the head of YouTube called the Oscars "one of our essential pillars of culture" and said that partnering with the Academy would "spark a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' celebrated history".

ABC, which has aired the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the next three telecasts" it will continue to air.

This decision comes as film industry giants deal with intricate takeover attempts. Both options were viewed as problematic for an business that has experienced severe reductions over the last few years.

Like major studios, cable networks have faced issues as the public has chosen on-demand video as an alternative.

The platform securing the license to the Oscars clearly signals that dependence on digital platforms will persist expanding.