Viewership for the Oscars plunged to a new low on Sunday night, with an audience of 23.6 million tuning in to watch the broadcast on ABC, according to Nielsen.

That’s a 20 percent drop from last year, and roughly three million fewer than the number of people who tuned in for the 2018 ceremony, the previous low. Those numbers do not include viewers who watched the broadcast on streaming platforms.

Plenty of theories on the ratings collapse will be floated: Does the annual extravaganza need to go back to having a host? Was the show scheduled too close to other major live television events? Can viewers in the streaming era stomach a program that runs three and a half hours and includes more than 40 minutes of commercials?

Two weeks ago, the Grammys hit a 12-year low in viewership, but their declines were more modest: The show lost just 5 percent of its audience.