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The Academy Awards will commence streaming exclusively on the global video platform in 2029, marking the most recent substantial shift in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it finalized a long-term agreement granting the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, set for March 15th, has been broadcast for a half a century on the traditional network. Starting in 2029, the event will be viewable live and for free on YouTube.

This is one more major upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with severe production cuts.

"Our Academy represents an global institution, and this alliance will permit us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our film artists and the cinematic world," stated the Academy's executives in a announcement.

For many years, viewership of the televised event have dropped, though there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and desktops.

In a separate statement, the head of YouTube called the Oscars "among our fundamental cultural institutions" and said that working with the Academy would "spark a new generation of innovation and cinema enthusiasts while staying true to the Oscars' illustrious heritage".

The broadcast network, which has televised the ceremony since 1976, said that it was excited "to the next three telecasts" it will retain rights for.

The move coincides with large entertainment companies deal with intricate takeover attempts. Such proposals were considered concerning for an industry that has seen drastic cuts over the last few years.

In common with big production houses, cable networks have encountered challenges as the audience has increasingly opted for digital platforms instead.

YouTube obtaining the license to the Oscars strongly indicates that reliance on digital platforms will continue expanding.