I wouldn't overdramatize it. The movie business didn't start with Oscar awards and it does not need them to continue. The Oscars are essentially a self-congratulatory award which often were at odds with the public. The critics and audience don't always agree. And now with less capture by the studios and cinema resulting in people having more choices of what to watch, people are choosing the more basic and entertaining "plotlines" or rather, content.
The industry is changing, the audience probably didn't change too much, but the Oscars don't matter any more except to some (high profile) actors and some industry insiders and it looks like they are sad about it.
The industry is changing, the audience probably didn't change too much, but the Oscars don't matter any more except to some (high profile) actors and some industry insiders and it looks like they are sad about it.