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The Oscars ceremony are set to start airing only on the global video platform in the year 2029, signaling the newest substantial change in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it signed a extended contract giving the streaming service the exclusive global rights to the Oscars through 2033.

The Oscars, which is planned for March 15th, has aired for 50 years on ABC. Beginning in 2029, the event will be viewable in real-time without charge on the digital platform.

It's one more significant upheaval in the entertainment world, which is grappling with studio sales and mergers, coupled with steep production cuts.

"The Academy is an global institution, and this alliance will permit us to broaden reach to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the movie industry," said the Academy's executives in a announcement.

For many years, viewership of the awards show have dropped, though there was a slight uptick in recent years, with a considerable amount of younger viewers watching from smartphones and computers.

In a separate statement, YouTube's CEO referred to the Oscars "among our vital pillars of culture" and noted that teaming up with the Academy would "motivate a new generation of innovation and film lovers while remaining faithful to the Oscars' celebrated history".

ABC, which has televised the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will retain rights for.

The move comes as major studios confront complex corporate battles. Such proposals were seen as concerning 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 increasingly opted for on-demand video as an alternative.

YouTube winning broadcasting rights to the Oscars further suggests that reliance on digital platforms will continue increasing.