The Oscars will leave their longtime home in the heart of Hollywood and relocate to a more central Los Angeles venue beginning in 2029 - the same year its telecast is set to move to YouTube.

The globally watched Academy Awards will now be held at the Peacock Theater, a  venue with greater seating capacity than its current home, the Dolby Theatre.

Perched across town on Hollywood Boulevard, the Dolby Theatre (née Kodak Theatre) has hosted the Oscars since 2002 surrounded by the iconic Hollywood Walk of Fame.

The Academy of Motion Picture Arts and Sciences said the move was part of a multi-year partnership with AEG, the owner of the LA Live complex that also hosts  the Emmy and Grammy Awards.

"L.A. LIVE was built to host the moments that define culture, and there is no greater global stage than the Oscars," said Todd Goldstein, AEG's chief revenue officer.

Goldstein also pledged to create an environment "that celebrates creativity, honors excellence, and delivers an unforgettable experience for movie fans everywhere".

The eight-mile (12km) move to the Peacock Theater, which continues through 2039,  will push the ceremony away from the iconic Hollywood sign. But it is also a homecoming of sorts for the Oscars.

Before moving to the Hollywood neighbourhood of Los Angeles, the Oscars for years were held in a central location at the Dorothy Chandler Pavilion and Shrine Auditorium.

"We are thrilled to partner with a global powerhouse like AEG," Bill Kramer, the academy's CEO, and Lynette Howell Taylor, its president, said in a statement. "Their track record for building and operating technologically sophisticated live performance venues is unrivaled."

The move is the latest in a shake-up that coincides with the telecast's departure from broadcast TV in the US to streaming.

The Oscars, which have aired for a half a century on ABC, will be streamed live and for free on YouTube starting in 2029.

They will continue to be held at the Dolby Theatre at Ovation Hollywood and televised live on ABC when the centennial ceremony is held in 2028.

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