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The Oscars ceremony are set to start airing only on the global video platform in 2029, marking the newest major shift in the film industry.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it entered into a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.

The awards show, scheduled for 15 March, has aired for 50 years on ABC. Commencing in 2029, the show will be accessible live and for free on YouTube.

It's another substantial upheaval in Hollywood, which is navigating company buyouts and fusions, in addition to steep production cuts.

"Our Academy represents an worldwide body, and this alliance will enable us to expand access to the activities of the Academy to the largest worldwide audience attainable - which will be beneficial for our membership and the film community," said Academy leadership in a release.

Over decades, ratings of the ceremony have declined, although there was a slight uptick in recent years, with a considerable amount of youthful audiences streaming from smartphones and computers.

In a related comment, the video platform's chief executive called the Oscars "a key essential pillars of culture" and said that working with the Academy would "inspire a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' illustrious legacy".

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

This shift follows film industry giants confront intricate takeover attempts. These potential deals were seen as unfavourable for an sector that has experienced drastic cuts over the last few years.

Like big production houses, traditional TV channels have struggled as the viewers has increasingly opted for on-demand video instead.

YouTube winning the license to the Academy Awards further suggests that reliance on streaming sites will carry on increasing.