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The Oscars ceremony will begin streaming exclusively on YouTube in the year 2029, signaling the latest major change in Hollywood.

The organization behind the Oscars declared the decision on Wednesday, stating that it signed a extended contract awarding the streaming service the exclusive global rights to the Oscars until 2033.

The Oscars, set for March 15th, has been televised for a half a century on ABC. Starting in 2029, the show will be available in real-time without charge on YouTube.

It's another significant restructuring in the entertainment world, which is navigating studio sales and mergers, coupled with steep production cuts.

"The Academy is an worldwide body, and this partnership will permit us to broaden reach to the activities of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the movie industry," remarked Academy leadership in a release.

Over decades, ratings of the ceremony have fallen, though there was a slight uptick in recent years, with a significant number of younger viewers streaming from mobile devices and laptops.

In a related comment, the head of YouTube called the Oscars "among our fundamental cultural touchstones" and said that teaming up with the Academy would "spark a fresh wave of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".

The broadcast network, which has streamed the ceremony since 1976, commented that it was looking forward "to the upcoming broadcasts" it will continue to air.

The move comes as large entertainment companies confront intricate takeover attempts. Both options were seen as unfavourable for an industry that has witnessed significant downsizing over the last few years.

Similar to big production houses, traditional TV channels have faced issues as the audience has shifted towards digital platforms instead.

YouTube obtaining rights to the Oscars further suggests that dependence on online services will persist increasing.