This year's clutch of Oscar nominees have been the least popular for 20 years according to box office figures.
In the US the five nominated for best film have been seen by 50% fewer people than movies in previous years.
While the awards are not based on box office popularity there is concern for the ratings of the televised ceremony.
"We don't have a Titanic or a Lord of the Rings out there. I think it's fair to say it does concern us a bit," said Academy executive director Bruce Davis.
About 51 million people in the US have seen this year's nominees, compared with between 100 million and 118 million in recent years.
The last time combined attendance was so low was in 1984 when Amadeus beat The Killing Fields, A Passage to India, Places in the Heart and A Soldier's Story to best picture, when 41 million saw the five films.
Last year's ceremony attracted the highest audience in four years as viewers tuned in to see Lord of the Ring: Return of the King sweep the board.
The Aviator is this year's most popular Oscar contenderAnd the show reaped its biggest audience in 1997 when Titanic took home 11 Oscars.