Watching the Oscars Amid a Dying Empire

The Oscars unfolded this year against a backdrop of political division, declining trust in institutions, and a fragmented media landscape where shared cultural moments are increasingly rare. Once drawing more than 50 million viewers, the ceremony now competes in an endless attention economy shaped by streaming and social media. We break down the night’s biggest winners, including One Battle After Another taking Best Picture, with Michael B. Jordan (Sinners) and Jessie Buckley (Hamnet) winning the top acting awards—and what they reveal about the cultural moment. We also examine why so few speeches were overtly political, how the film industry itself is changing, the fading power of celebrity culture, and the ceremony’s “end-of-an-era” mood following the loss of major Hollywood figures. With Conan O’Brien’s self-aware hosting setting the tone, the Oscars felt less like the center of American culture and more like a glittering ritual happening in a country struggling to agree on reality.