Did Nominations Hurt the Oscar Results?

In this article from the Tampa Bay Times, the author discusses what perhaps was the problem with this year's Oscars.

While many will associate the downward ratings with just recent trends in people not caring to watch, some argue that it is the fact that Art House films have been owning the nominations as of late.

Considering films like The Artist only reached a limited audience, perhaps it is films like this that are hurting the final results.

Do you think this is why the Oscars continue to struggle, or is it perhaps just because people don't care?