The dresses still cost six figures. The flashbulbs still pop. But if you watched any of this year’s ceremonies at home, you likely noticed something missing: the stakes.
Ratings are down, advertisers are skittish, and the once-mighty narrative arc — screener → nomination → buzz → box-office bump — has collapsed under the weight of an attention economy that no longer needs a winner to crown a moment.
Studios have responded by quietly rerouting prestige budgets toward streaming launches, social campaigns, and talent residencies. The awards are not dead. They are just no longer the point.