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The Oscars ceremony are set to start airing only on YouTube in 2029, signaling the latest major transformation in Hollywood.

The organization behind the Oscars revealed the news on this week, stating that it signed a extended contract granting YouTube the exclusive global rights to the Oscars through 2033.

The Oscars, set for 15 March, has been broadcast for 50 years on the traditional network. Starting in 2029, the ceremony will be available live and for free on the digital platform.

It's a further major shakeup in the entertainment world, which is dealing with studio sales and mergers, in addition to severe reductions in filming.

"The Academy is an global institution, and this alliance will permit us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our Academy members and the cinematic world," remarked the Academy's executives in a announcement.

Throughout a long period, viewership of the awards show have dropped, even if there was a slight uptick in recent years, with a significant number of younger viewers watching from mobile devices and laptops.

In a corresponding announcement, the head of YouTube described the Oscars "among our essential pillars of culture" and said that partnering with the Academy would "spark a younger cohort of innovation and movie fans while remaining faithful to the Oscars' celebrated heritage".

ABC, which has televised the awards since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.

This shift follows major studios confront complex corporate battles. Both options were considered unfavourable for an business that has experienced drastic cuts over the past several years.

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

YouTube winning the license to the Oscars further suggests that dependence on digital platforms will carry on expanding.