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The Oscars ceremony will commence streaming exclusively on YouTube in 2029, signaling the newest substantial change in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it entered into a multi-year deal granting YouTube the exclusive global rights to the Oscars until 2033.

The awards show, scheduled for March 15th, has aired for a half a century on ABC. Commencing in 2029, the event will be available in real-time without charge on YouTube.

It's another significant shakeup in the entertainment world, which is navigating studio sales and mergers, coupled with severe production cuts.

"Our Academy represents an international organization, and this partnership will permit us to expand access to the activities of the Academy to the biggest global viewership attainable - which will be advantageous for our film artists and the movie industry," stated the Academy's executives in a release.

For many years, viewership of the ceremony have dropped, even if there was a slight uptick in recent years, with a significant number of younger viewers streaming from cell phones and laptops.

In a separate statement, the head of YouTube referred to the Oscars "one of our vital cultural institutions" and added that working with the Academy would "inspire a new generation of creativity and cinema enthusiasts while staying true to the Oscars' celebrated history".

ABC, which has televised the ceremony since the mid-1970s, said that it was looking forward "to the next three telecasts" it will still host.

The move comes as large entertainment companies confront complex corporate battles. Such proposals were considered unfavourable for an sector that has seen severe reductions over the last few years.

Similar to major studios, traditional TV channels have encountered challenges as the public has chosen digital platforms instead.

YouTube winning rights to the Oscars clearly signals that the dominance of streaming sites will continue increasing.