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The Academy Awards are set to start broadcasting solely on YouTube in 2029, signaling the newest substantial transformation in Hollywood.

The organization behind the Oscars made the announcement on this week, stating that it signed a multi-year deal giving YouTube the sole worldwide broadcasting rights to the Oscars until 2033.

The Oscars, scheduled for 15 March, has aired for a half a century on the traditional network. Beginning in 2029, the event will be accessible live and for free on the digital platform.

This is a further substantial upheaval in Hollywood, which is grappling with company buyouts and fusions, coupled with steep reductions in filming.

"The Academy is an worldwide body, and this collaboration will enable us to broaden reach to the work of the Academy to the largest worldwide audience attainable - which will be advantageous for our membership and the film community," said organization heads in a release.

Over decades, ratings of the ceremony have dropped, even if there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and computers.

In a related comment, YouTube's CEO described the Oscars "a key vital pillars of culture" and added that partnering with the Academy would "motivate a new generation of innovation and cinema enthusiasts while staying true to the Oscars' celebrated legacy".

ABC, which has streamed the awards since 1976, stated that it was looking forward "to hosting the event three more times" it will still host.

This decision coincides with film industry giants deal with challenging merger discussions. Such proposals were considered concerning for an business that has seen severe reductions over the last few years.

Similar to big production houses, cable networks have encountered challenges as the viewers has chosen on-demand video instead.

YouTube winning rights to the Academy Awards strongly indicates that the dominance of online services will persist to grow.