After experiencing its 3rd lowest ratings in its televised history in 2008, the Oscars is turning a new leaf in hopes of appealing to a younger audience.

The Academy of Motion Picture Arts and Sciences (MPAS), which runs that Oscars has launched a social media campaign and has even tweaked the Best Picture format.

But is this enough?

Alec Baldwin will be hosting the Oscars this year alongside Steve Martin.

The median age viewer for the Oscars is 49, and with 2009 being a banner year for Hollywood, it begs to wonder why the event–once the crown jewel of broadcast television–is lagging behind. Many have suggested that it’s due to the lack of diversity in its Best Picture category. But that won’t be the case this year as the number of nominees has increased from 5 to 10 in the category. And there not stopping here.

The Academy, a conservative bunch who make the GOP look like a couple of drunken frat guys, launched a Facebook fan page and webcast that saw 170,000 viewers for the nominee presentation on Tuesday morning and they even have a Twitter account. However, it seems there are some growing pains as there doesn’t seem to be any integration between the broadcast and its respective social media tools.

But, what promises to be the biggest attraction are hosts Steve Martin and Alec Baldwin, who were brought on to bring that element of comedy that seems to have been missing from prior shows. While this years show has all the bells and whistles, lifting the Oscars from pop culture obscurity is something the less-than-forward thinking Academy will have their hands full with.

Will it work…we’ll find out Monday, after it’s all said and done with.

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