The future of the Oscars and Emmys may be at risk.
Award shows have garnered significant attention over the years, from the allure of celebrities walking the red carpet to the captivating speeches and shocking victories.
The Oscars and Emmys adhered to that storyline in the late 1980s and 1990s. However, the entertainment award-show zeitgeist is no longer what it once was.
In 1998, the Oscars had peak viewership, but by 2021, it had dropped by 81.2%. Similarly, the Emmys experienced an 80.6% decline from its 1986 high to 2021.
The decline in ratings and controversies surrounding celeb-filled events threaten their status as must-watch events.
Their viewership trends are older than the demographic that advertisers desire.
The Oscars and Emmys are still crucial in the film and television industry, as a single nomination can boost a film's box office, a TV show's ratings, or increase the nominee's next project's asking price.
According to WalletHub, collectively, studios have spent an estimated $100 million annually on "For Your Consideration" campaigns to secure nominations for their movies or shows.
What caused the decline in the popularity of award shows, such as the Oscars and Emmys? Watch the video above for more information on their rise and fall.
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