The Shape of Water may have been the highest-grossing Best Picture winner in five years, but that did little to help Sunday night's Oscars ratings. Deadline reports that a record low of 26.5 million people watched the telecast, marking a nearly 20 percent drop from last year. The new numbers are in stark contrast to 2014's 43.7 million viewers. This year's ceremony was moved up from 8:30 p.m. to 8 p.m. in a bid to attract more viewers, but that did little to lure back its declining audience. Some have blamed the Oscars' four-hour length, its deluge of montages and super predictable winners for scaring off viewers. The reigning most-watched Academy Awards of the 21st century remains 2005's ceremony, hosted by Chris Rock, with Clint Eastwood's Million Dollar Baby winning the Best Picture award.