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The Academy Awards are set to start airing only on the global video platform in 2029, representing the newest major shift in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it entered into a multi-year deal awarding YouTube the exclusive global rights to the Oscars through 2033.

The awards show, set for March 15th, has been televised for five decades on the traditional network. Starting in 2029, the event will be available live and for free on YouTube.

This is one more significant upheaval in the entertainment world, which is navigating company buyouts and fusions, coupled with severe slashes to movie budgets.

"The Academy is an worldwide body, and this alliance will allow us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be advantageous for our membership and the movie industry," said organization heads in a announcement.

Over decades, ratings of the ceremony have fallen, even if there was a slight uptick in recent years, with a significant number of younger viewers streaming from smartphones and computers.

In a related comment, the head of YouTube described the Oscars "among our vital pillars of culture" and noted that working with the Academy would "inspire a fresh wave of creativity and film lovers while adhering to the Oscars' illustrious history".

The broadcast network, which has aired the awards since the mid-1970s, commented that it was excited "to hosting the event three more times" it will retain rights for.

This decision comes as film industry giants confront challenging merger discussions. Both options were seen as concerning for an business that has experienced drastic cuts over the last few years.

Similar to major studios, cable networks have struggled as the public has chosen on-demand video instead.

YouTube obtaining the license to the Academy Awards further suggests that the dominance of streaming sites will persist expanding.