Once upon a time, the annual Oscars was one of the most anticipated television events of the year with the audience all over the world waiting for their favorite movies to be honored. However, for a few years, viewership for the same show has declined significantly. In fact, this year the live show had an audience of around 23.6 million – a 20% decline from the 29.5 million viewership last year.
Experts claim that the major reason for the decline in viewership is a result of online streaming that has become prevalent over the years. Others also suggest that the event was held at an earlier date of 2020, which probably lessened the hype.
Another possible reason for the low viewership can be that the Academy Awards has been honoring low-budget movies for some time now. This year, South Korean movie Parasite won the award for Best Picture. However, a majority of the audience has not seen the movie and prefer the traditional blockbuster hits instead of low-budget creations.If this continues, can we expect the audience to tune out the Oscars completely or develop a bonding for smaller films?