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The Oscars ceremony are set to start streaming exclusively on YouTube in 2029, representing the latest significant change in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it finalized a multi-year deal granting YouTube the unique international license to the Oscars until 2033.

The Oscars, scheduled for 15 March, has aired for a half a century on the traditional network. Beginning in 2029, the ceremony will be accessible as a free live stream on the digital platform.

It's another major shakeup in Hollywood, which is navigating studio sales and mergers, in addition to severe reductions in filming.

"The Academy is an international organization, and this partnership will enable us to increase availability to the activities of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the film community," said organization heads in a announcement.

Over decades, ratings of the ceremony have dropped, though there was a small rise in recent years, with a significant number of younger viewers tuning in from cell phones and laptops.

In a related comment, YouTube's CEO called the Oscars "one of our essential cultural institutions" and noted that teaming up with the Academy would "motivate a fresh wave of innovation and movie fans while remaining faithful to the Oscars' illustrious history".

ABC, which has aired the awards since 1976, commented that it was eagerly anticipating "to hosting the event three more times" it will still host.

The move comes as major studios confront challenging merger discussions. Both options were seen as concerning for an business that has witnessed drastic cuts over the last few years.

In common with major studios, cable networks have encountered challenges as the public has chosen digital platforms instead.

YouTube winning rights to the Academy Awards clearly signals that reliance on digital platforms will carry on expanding.