I think a large part of the decline in the Oscars is that the movie industry has gone full blockbuster with Marvel, DC, Star Wars, etc and the masses just aren't watching the type of films that the Academy seeks to reward. Throw in streaming TV series and there just isn't enough time in the year for the average person to watch all the popular movies and shows and make time for Oscar fare which is more obscure artsy movies that typically fall through the cracks.
I don't know what the solution is because I don't want to live in a world where Chris Evans is winning an Oscar for best actor portraying Captain America but at the same time it's tough to watch awards being given out for movies and performances you haven't seen. I just think that this is all part of the shift in entertainment where movie theatres are being replaced by home streaming as the Academy Awards is old Holywood that either will adapt or become increasingly more marginalized.
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