The academy caares, if no one watches, then they lose money when a network drops them. No one watches them they lose prestige and their brand means less and less and they get less money for studios paying them for their award.
And I'm saying I don't think they care because actors will always always care. You want to be recognized by your peers for your achievements and be etched in history. How many people watching doesn't mean a damn to you if you're an actor. The oscars will always hold a prestige in Hollywood regardless of how many eyeballs are on it. That's for the business side of it but for actors and directors and writers and producers you get extra clout for being able to say you're an award winner or award nominee. If they cared that much civil war or rogue one or deadpool would've made the list. They've had almost a decade of this 10 nominee thing and if they really really wanted to change shyt up they would've.