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The Oscars ceremony will commence streaming exclusively on the global video platform in the year 2029, signaling the most recent major transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it entered into a long-term agreement granting YouTube the unique international license to the Oscars up to 2033.

The awards show, set for March 15th, has aired for a half a century on ABC. Commencing in 2029, the event will be available live and for free on the digital platform.

It's a further substantial restructuring in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to severe reductions in filming.

"The Academy is an global institution, and this partnership 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 the Academy's executives in a release.

Over decades, audience numbers of the televised event have fallen, although there was a small rise in recent years, with a notable portion of younger viewers watching from mobile devices and computers.

In a corresponding announcement, YouTube's CEO described the Oscars "a key vital pillars of culture" and added that working with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while staying true to the Oscars' celebrated heritage".

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

This decision comes as film industry giants confront intricate takeover attempts. These potential deals were seen as problematic for an industry that has witnessed drastic cuts over the recent period.

Like major studios, traditional TV channels have faced issues as the public has chosen on-demand video instead.

The platform securing broadcasting rights to the Oscars strongly indicates that the dominance of digital platforms will continue increasing.