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The Academy Awards will begin streaming exclusively on YouTube in 2029, marking the most recent major change in Hollywood.

The organization behind the Oscars revealed the news on Wednesday, stating that it signed a long-term agreement awarding the streaming service the unique international license to the Oscars until 2033.

The awards show, which is planned for 15 March, has been broadcast for a half a century on ABC. Commencing in 2029, the show will be accessible live and for free on YouTube.

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

"The Academy is an worldwide body, and this collaboration will allow us to increase availability to the work of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the film community," remarked Academy leadership in a announcement.

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

In a related comment, the head of YouTube described the Oscars "among our fundamental cultural institutions" and noted that partnering with the Academy would "spark a new generation of innovation and film lovers while staying true to the Oscars' storied heritage".

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

This decision comes as film industry giants face complex corporate battles. Such proposals were viewed as problematic for an industry that has witnessed significant downsizing over the recent period.

Like major studios, cable networks have encountered challenges as the audience has chosen streaming services as an alternative.

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