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The Oscars ceremony will commence airing only on YouTube in the year 2029, signaling the latest major change in the film industry.

The organization behind the Oscars declared the decision on this week, indicating that it finalized a extended contract awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.

The Oscars, set for March 15th, has been televised for a half a century on the traditional network. Starting in 2029, the ceremony will be available as a free live stream on the digital platform.

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

"Our Academy represents an global institution, and this alliance will permit us to broaden reach to the activities of the Academy to the largest worldwide audience attainable - which will be advantageous for our Academy members and the cinematic world," said organization heads in a announcement.

Over decades, viewership of the ceremony have fallen, though there was a minor increase in recent years, with a significant number of younger viewers watching from smartphones and computers.

In a related comment, YouTube's CEO referred to the Oscars "a key essential cultural institutions" and noted that working with the Academy would "inspire a new generation of creativity and movie fans while staying true to the Oscars' storied legacy".

ABC, which has aired the ceremony since the mid-1970s, said that it was excited "to the next three telecasts" it will retain rights for.

This shift comes as large entertainment companies face intricate takeover attempts. Such proposals were seen as unfavourable for an industry that has witnessed significant downsizing over the last few years.

Similar to major studios, cable networks have encountered challenges as the audience has chosen digital platforms as an alternative.

YouTube obtaining the license to the Oscars clearly signals that reliance on digital platforms will persist expanding.