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The Academy Awards are set to start broadcasting solely on YouTube in the year 2029, representing the most recent significant transformation in the film industry.

The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it signed a extended contract giving the streaming service the unique international license to the Oscars through 2033.

The awards show, scheduled for March 15th, has been broadcast for five decades on the traditional network. Starting in 2029, the event will be available live and for free on the digital platform.

This is a further substantial restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with drastic slashes to movie budgets.

"Our Academy represents an global institution, and this partnership will enable us to expand access to the activities of the Academy to the biggest global viewership possible - which will be positive for our membership and the movie industry," stated the Academy's executives in a statement.

Over decades, viewership of the ceremony have fallen, even if there was a small rise in recent years, with a considerable amount of younger viewers streaming from smartphones and computers.

In a corresponding announcement, the video platform's chief executive called the Oscars "a key vital cultural institutions" and added that partnering with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".

The broadcast network, which has streamed the awards since the mid-1970s, stated that it was eagerly anticipating "to the next three telecasts" it will retain rights for.

This shift follows film industry giants face challenging merger discussions. Both options were considered problematic for an sector that has seen significant downsizing over the recent period.

Similar to big production houses, cable networks have faced issues as the audience has increasingly opted for digital platforms as an alternative.

The platform securing broadcasting rights to the Academy Awards clearly signals that reliance on streaming sites will persist to grow.