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The Oscars ceremony are set to start broadcasting solely on the global video platform in the year 2029, signaling the latest substantial transformation in the film industry.

The organization behind the Oscars declared the decision on this week, confirming that it signed a extended contract awarding YouTube the exclusive global rights to the Oscars until 2033.

The awards show, set for 15 March, has been broadcast for five decades on the traditional network. Commencing in 2029, the ceremony will be viewable in real-time without charge on YouTube.

This is another significant shakeup in the entertainment world, which is navigating company buyouts and fusions, along with severe reductions in filming.

"The Academy is an global institution, and this collaboration will allow us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be beneficial for our Academy members and the cinematic world," said the Academy's executives in a statement.

Over decades, ratings of the ceremony have dropped, although there was a minor increase in recent years, with a considerable amount of younger viewers watching from cell phones and laptops.

In a corresponding announcement, the video platform's chief executive referred to the Oscars "a key essential cultural touchstones" and noted that working with the Academy would "motivate a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' celebrated legacy".

The broadcast network, which has aired the ceremony since 1976, said that it was excited "to hosting the event three more times" it will continue to air.

This shift coincides with major studios confront intricate takeover attempts. Such proposals were seen as concerning for an business that has seen severe reductions over the last few years.

Like major studios, traditional TV channels have faced issues as the audience has chosen digital platforms as an alternative.

YouTube obtaining the license to the Academy Awards strongly indicates that reliance on digital platforms will persist increasing.