The big reveal of the winner isn't interesting, especially when those people usually sweep every award show the precedes it. If the Oscars was less of a patting yourself on the back affair and more of a BTS show, I think they would get more viewers. I don't mean what they did this year with the, Aaron Sorkin used to make popcorn BS. Little featurettes on how these movies were made is something I think would inspire new/developing filmmakers or at the very least be interesting to fans of the films.
Watching the nominees and then announcing a winner serves the gambling industry more than Hollywood. Just announce the winners and show a little documentary on how they captured that sound effect or designed the costumes or how they researched the character. Who wants to listen to someone thank their agents, publicist, manager, parents, and then go on a rant about whatever hot button issue is popular this year?
The Academy could use this opportunity to teach us how these brilliant films were made. That would give people more of a reason to want to watch them.