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The Academy Awards are set to start streaming exclusively on YouTube in 2029, marking the most recent significant transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it signed a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.

The awards show, which is planned for March 15th, has aired for a half a century on ABC. Starting in 2029, the event will be accessible in real-time without charge on the digital platform.

This is one more substantial upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with severe production cuts.

"Our Academy represents an global institution, and this collaboration will allow us to increase availability to the mission of the Academy to the biggest global viewership attainable - which will be advantageous for our membership and the film community," remarked the Academy's executives in a release.

Throughout a long period, ratings of the televised event have dropped, although there was a small rise in recent years, with a considerable amount of younger viewers streaming from smartphones and laptops.

In a separate statement, YouTube's CEO referred to the Oscars "one of our vital cultural institutions" and said that working with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while staying true to the Oscars' celebrated legacy".

ABC, which has aired the ceremony since 1976, commented that it was excited "to the upcoming broadcasts" it will continue to air.

This decision comes as large entertainment companies confront challenging merger discussions. Both options were seen as problematic for an business that has witnessed significant downsizing over the past several years.

Like major studios, traditional TV channels have faced issues as the public has increasingly opted for digital platforms instead.

YouTube obtaining the license to the Academy Awards clearly signals that reliance on digital platforms will persist to grow.