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The Academy Awards will begin airing only on the global video platform in 2029, signaling the latest major change in the film industry.

The organization behind the Oscars revealed the news on Wednesday, stating that it entered into a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, set for 15 March, has aired for 50 years on the traditional network. Commencing in 2029, the event will be viewable in real-time without charge on YouTube.

This is one more significant upheaval in Hollywood, which is grappling with studio sales and mergers, coupled with severe reductions in filming.

"The Academy is an worldwide body, and this partnership will permit us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the cinematic world," stated Academy leadership in a release.

Over decades, ratings of the televised event have declined, even if there was a minor increase in recent years, with a considerable amount of younger viewers watching from mobile devices and computers.

In a separate statement, YouTube's CEO called the Oscars "a key essential cultural institutions" and added that teaming up with the Academy would "spark a fresh wave of creativity and cinema enthusiasts while adhering to the Oscars' storied legacy".

The broadcast network, which has streamed the ceremony since 1976, stated that it was excited "to the next three telecasts" it will still host.

This decision follows major studios face intricate takeover attempts. Such proposals were viewed as concerning for an industry that has experienced drastic cuts over the last few years.

Like big production houses, traditional TV channels have faced issues as the public has shifted towards streaming services instead.

The platform securing broadcasting rights to the Academy Awards strongly indicates that the dominance of digital platforms will carry on to grow.