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The Oscars ceremony will commence broadcasting solely on YouTube in the year 2029, marking the latest substantial transformation in Hollywood.

The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it entered into a multi-year deal giving the streaming service the unique international license to the Oscars up to 2033.

The awards show, scheduled for 15 March, has aired for 50 years on ABC. Commencing in 2029, the ceremony will be viewable live and for free on YouTube.

It's one more substantial upheaval in Hollywood, which is navigating company buyouts and fusions, coupled with steep reductions in filming.

"The Academy is an international organization, and this alliance will enable us to expand access to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the cinematic world," said Academy leadership in a release.

Over decades, ratings of the televised event have dropped, even if there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from mobile devices and desktops.

In a corresponding announcement, YouTube's CEO referred to the Oscars "one of our fundamental cultural touchstones" and added that partnering with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while adhering to the Oscars' storied heritage".

ABC, which has televised the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will continue to air.

The move coincides with film industry giants face challenging merger discussions. Both options were viewed as unfavourable for an business that has experienced drastic cuts over the last few years.

Like major studios, cable networks have struggled as the public has chosen digital platforms instead.

YouTube winning rights to the Academy Awards strongly indicates that dependence on online services will continue increasing.