No, the Oscars failed because no one cares ... except for the ones patting themselves on the back for pretending to be people they aren’t.
There are various reasons for the decline of the Oscars.
To me, a big reason I don’t care, is because I don’t go to movies much, and have never heard of many of the nominees. So I’m certainly not on the edge of my seat watching to see which movie I’ve never heard of beat out which other movie I’m.not familiar with.
And I’ve heard more “arthouse” tyoe movies have been nominated in recent years, and by definition those movies aren’t in wide release in theaters across the country, so relatively few people will have seen such movies.