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The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, marking the most recent significant change in the film industry.

The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a multi-year deal granting the streaming service the unique international license to the Oscars until 2033.

The Oscars, which is planned for 15 March, has aired for five decades on the traditional network. Commencing in 2029, the show will be accessible live and for free on YouTube.

It's a further major restructuring in the entertainment world, which is dealing with studio sales and mergers, coupled with steep slashes to movie budgets.

"Our Academy represents an worldwide body, and this alliance will enable us to increase availability to the activities of the Academy to the biggest global viewership attainable - which will be beneficial for our Academy members and the cinematic world," stated organization heads in a statement.

For many years, viewership 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 smartphones and desktops.

In a separate statement, the video platform's chief executive called the Oscars "one of our vital cultural institutions" and added that teaming up with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".

ABC, which has aired the awards since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will continue to air.

The move coincides with major studios face intricate takeover attempts. Such proposals were viewed as concerning for an sector that has experienced severe reductions over the recent period.

In common with major studios, traditional TV channels have struggled as the viewers has shifted towards digital platforms instead.

YouTube winning the license to the Oscars strongly indicates that reliance on streaming sites will continue to grow.