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The Oscars ceremony will begin broadcasting solely on the global video platform in 2029, signaling the latest significant change in Hollywood.

The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a long-term agreement giving YouTube the unique international license to the Oscars through 2033.

The Oscars, set for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the event will be accessible live and for free on the digital platform.

This is one more significant shakeup in Hollywood, which is grappling with studio sales and mergers, in addition to steep slashes to movie budgets.

"Our Academy represents an international organization, and this alliance will permit us to increase availability to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our film artists and the cinematic world," said Academy leadership in a release.

Over decades, ratings of the awards show have dropped, even if there was a slight uptick in recent years, with a considerable amount of younger viewers streaming from smartphones and computers.

In a related comment, the head of YouTube referred to the Oscars "a key fundamental pillars of culture" and added that partnering with the Academy would "motivate a fresh wave of innovation and movie fans while adhering to the Oscars' illustrious legacy".

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

This decision comes as major studios confront challenging merger discussions. Such proposals were seen as unfavourable for an industry that has seen severe reductions over the last few years.

Like major studios, cable networks have struggled as the audience has increasingly opted for digital platforms as an alternative.

YouTube winning rights to the Academy Awards clearly signals that the dominance of digital platforms will continue increasing.