The Academy Awards ceremony attracted 19.7 million viewers in 2026, the second-lowest figure in the broadcast's history, continuing a decade-long decline that reflects the broader erosion of broadcast television viewership combined with growing consumer indifference to what critics win awards rather than what audiences enjoy. Grammy viewership has fallen even more sharply as the gap between critical tastes and popular streaming consumption widens.
Studio award campaigns, which can cost 10 to 30 million dollars for prestige films seeking Oscar recognition, are being reassessed as the commercial benefits of awards become harder to quantify in the streaming era. A Netflix film that wins an Academy Award may see a meaningful bump in streaming hours but does not benefit from the extended theatrical revenue that awards recognition traditionally generated. Several studios are quietly reducing their awards campaign budgets.
