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The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, marking the latest major transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it finalized a extended contract granting the streaming service the exclusive global rights to the Oscars up to 2033.

The Oscars, which is planned for March 15th, has been televised for five decades on ABC. Starting in 2029, the ceremony will be available as a free live stream on the digital platform.

This is a further significant restructuring in Hollywood, which is navigating company buyouts and fusions, coupled with drastic production cuts.

"Our Academy represents an international organization, and this collaboration will permit us to increase availability to the work of the Academy to the biggest global viewership imaginable - which will be advantageous for our membership and the cinematic world," said the Academy's executives in a statement.

Over decades, audience numbers of the awards show have declined, though there was a minor increase in recent years, with a notable portion of younger viewers tuning in from smartphones and laptops.

In a related comment, the head of YouTube called the Oscars "one of our fundamental pillars of culture" and said that teaming up with the Academy would "spark a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".

ABC, which has aired the ceremony since the mid-1970s, said that it was eagerly anticipating "to the upcoming broadcasts" it will still host.

This shift comes as large entertainment companies deal with intricate takeover attempts. These potential deals were seen as unfavourable for an business that has witnessed significant downsizing over the past several years.

Like major studios, traditional TV channels have struggled as the public has shifted towards on-demand video as an alternative.

YouTube winning broadcasting rights to the Academy Awards further suggests that dependence on streaming sites will carry on expanding.