That's looking at the wrong end of the telescope.Agreed - the problem isn’t so much ratings in my view, the problem is that the Academy used to understand and regularly acknowledge that artistry took many forms and came in many varieties, and then at a certain point went all in on the idea that only modestly budgeted dramatic films, particularly those one might call “downers,” were the only things that counted as art.
The real issue is that the studios who used to make WELL BUDGETED dramatic films stopped making them because audiences prefer sequels and blockbusters. The reason Miramax filled a void with the "modestly" budgeted dramas was that those are as rare as a good Uwe Boll film nowadays.
There was a time when Well Budgeted Studio Dramas made real money - I.E. KRAMER VS. KRAMER made the equal to about $400M back in the day. It beat the first ALIEN and STAR TREK at the box office that year! That wouldn't happen in a million years today. A reboot of KRAMER VS. KRAMER even with stars as big as Hoffman and Streep would be lucky to earn $40M. Lucky. Now, instead of a $35M studio feature like KVS.K we get the $15M MARRIAGE STORY with lesser stars and it goes straight to Netflix. Can you blame the studios?
It's a sorta chicken or the egg sitation, but, it really is on US, the AUDIENCE more than the "Academy" and "Hollywood".