When it comes to Tony ratings, I think of this lyric from Title of Show:
"I'd rather be nine people's favorite things than a hundred people's ninth favorite thing."
It's always been an awards program with a niche audience and ratings for almost all awards programs are on the decline. Let it be produced in a manner to appeal most to people for whom it is their favorite thing.
If a show wants to reach a much larger audience, performing numbers on any of the morning shows or on Colbert, Fallon, Kimmel, or Cordon is the ticket.