From the glamor of celebrities strolling down the red carpet to the memorable speeches to the surprising wins, award shows have attracted massive attention throughout the decades.

That storyline proved true for the Oscars and Emmys through much of the late 1980s and 1990s. But that entertainment award-show zeitgeist isn’t what it used to be.

The Oscars saw an 81.2% drop from peak viewership in 1998 to 2021, according to Nielsen. As for the Emmys, they saw an 80.6% drop from its 1986 high to 2021.

On top of a steady decline in ratings, the celeb-filled events have also been hit with controversies and protests that further jeopardize their futures as must-watch events.

What’s more, their viewership trends are much older than the 18- to 49-year-old demographic that advertisers covet.

Nevertheless, the Oscars and Emmys still play a vital part in the film and television industry. A single nomination can bolster a film’s box office numbers, a TV show’s ratings, or generate a higher asking price for the nominee’s next project.

Collectively, studios have spent an estimated $100 million each year on so-called “For Your Consideration” campaigns to land nominations for their movies or shows, according to WalletHub.

So why is it that these award shows are no longer the must-watch events they used to be? Watch the video above to learn more about the rise and fall of the Oscars and Emmys.