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The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, representing the newest major shift in the film industry.

The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it signed a long-term agreement giving the streaming service the exclusive global rights to the Oscars until 2033.

The Oscars, which is planned for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the event will be viewable live and for free on YouTube.

It's a further significant upheaval in the entertainment world, which is navigating company buyouts and fusions, along with severe slashes to movie budgets.

"The Academy is an international organization, and this collaboration will enable us to increase availability to the work of the Academy to the biggest global viewership attainable - which will be advantageous for our membership and the cinematic world," remarked Academy leadership in a release.

Over decades, ratings of the awards show have fallen, even if there was a small rise in recent years, with a significant number of younger viewers watching from mobile devices and desktops.

In a related comment, the video platform's chief executive described the Oscars "among our essential pillars of culture" and added that teaming up with the Academy would "spark a fresh wave of creativity and film lovers while staying true to the Oscars' celebrated heritage".

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

This shift follows major studios deal with intricate takeover attempts. These potential deals were seen as problematic for an sector that has experienced severe reductions over the last few years.

In common with big production houses, cable networks have faced issues as the audience has shifted towards digital platforms instead.

YouTube obtaining the license to the Oscars further suggests that the dominance of online services will continue to grow.