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The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, marking the most recent major change in Hollywood.

The organization behind the Oscars revealed the news on this week, stating that it entered into a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.

The awards show, scheduled for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the show will be available live and for free on YouTube.

This is another significant upheaval in Hollywood, which is grappling with studio sales and mergers, in addition to steep reductions in filming.

"Our Academy represents an global institution, and this collaboration will enable us to broaden reach to the work of the Academy to the largest worldwide audience imaginable - which will be positive for our membership and the cinematic world," said Academy leadership in a release.

Over decades, ratings of the ceremony have fallen, even if there was a slight uptick in recent years, with a notable portion of younger viewers watching from cell phones and computers.

In a related comment, YouTube's CEO referred to the Oscars "one of our vital cultural touchstones" and noted that partnering with the Academy would "inspire a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' storied legacy".

The broadcast network, which has aired the awards since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will retain rights for.

This decision follows major studios face intricate takeover attempts. Such proposals were considered unfavourable for an industry that has seen severe reductions over the recent period.

Like big production houses, traditional TV channels have encountered challenges as the viewers has chosen streaming services instead.

YouTube winning the license to the Oscars further suggests that reliance on digital platforms will persist expanding.