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The Academy Awards will begin airing only on YouTube in the year 2029, representing the newest major shift in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, set for 15 March, has aired for 50 years on ABC. Starting in 2029, the event will be viewable in real-time without charge on YouTube.

It's another substantial shakeup in Hollywood, which is grappling with company buyouts and fusions, along with drastic slashes to movie budgets.

"Our Academy represents an global institution, and this alliance will allow us to increase availability to the mission of the Academy to the most extensive international crowd possible - which will be beneficial for our film artists and the film community," stated the Academy's executives in a release.

Over decades, ratings of the awards show have fallen, although there was a minor increase in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.

In a corresponding announcement, YouTube's CEO referred to the Oscars "a key vital cultural institutions" and noted that teaming up with the Academy would "spark a younger cohort of creativity and cinema enthusiasts while staying true to the Oscars' celebrated legacy".

ABC, which has aired the awards since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will still host.

This shift comes as major studios deal with intricate takeover attempts. Both options were viewed as unfavourable for an industry that has witnessed significant downsizing over the last few years.

Like big production houses, cable networks have struggled as the public has shifted towards streaming services instead.

YouTube obtaining broadcasting rights to the Academy Awards clearly signals that dependence on digital platforms will persist to grow.