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The Academy Awards are set to start broadcasting solely on YouTube in the year 2029, marking the most recent significant transformation in the film industry.

The organization behind the Oscars made the announcement on this week, indicating that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars through 2033.

The Oscars, scheduled for March 15th, has been broadcast for a half a century on ABC. Commencing in 2029, the event will be accessible as a free live stream on YouTube.

This is a further substantial shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with steep reductions in filming.

"The Academy is an worldwide body, and this partnership will permit us to expand access to the work of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the cinematic world," stated organization heads in a statement.

Over decades, audience numbers of the televised event have fallen, though there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from mobile devices and computers.

In a related comment, the video platform's chief executive described the Oscars "among our vital cultural institutions" and noted that working with the Academy would "inspire a younger cohort of innovation and movie fans while adhering to the Oscars' storied legacy".

The broadcast network, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.

This decision follows film industry giants confront complex corporate battles. Both options were viewed as concerning for an industry that has experienced severe reductions over the past several years.

In common with big production houses, cable networks have faced issues as the public has increasingly opted for streaming services instead.

YouTube obtaining the license to the Academy Awards strongly indicates that the dominance of online services will persist increasing.