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The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, signaling the latest substantial shift in the film industry.

The organization behind the Oscars made the announcement on Wednesday, indicating that it entered into a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.

The awards show, scheduled for March 15th, has been broadcast for a half a century on ABC. Starting in 2029, the show will be accessible in real-time without charge on the digital platform.

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

"The Academy is an international organization, and this alliance will allow us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be advantageous for our film artists and the movie industry," said Academy leadership in a release.

Over decades, audience numbers of the awards show have dropped, though there was a minor increase in recent years, with a notable portion of youthful audiences tuning in from cell phones and desktops.

In a related comment, YouTube's CEO called the Oscars "a key vital cultural touchstones" and said that working with the Academy would "inspire a new generation of innovation and film lovers while adhering to the Oscars' illustrious legacy".

The broadcast network, which has aired the awards since the mid-1970s, said that it was eagerly anticipating "to the upcoming broadcasts" it will still host.

This shift comes as major studios confront complex corporate battles. These potential deals were viewed as problematic for an industry that has witnessed drastic cuts over the recent period.

In common with major studios, cable networks have faced issues as the audience has chosen digital platforms instead.

YouTube winning rights to the Oscars strongly indicates that dependence on online services will continue to grow.