New York, Aug. 28 -- If Taylor Swift, Missy Elliot and a 1990s rap reunion couldn't halt the shrinkage of MTV's television audience for its Video Music Awards, perhaps nothing can.

The show was seen by 4.9 million viewers live on Monday across 12 different Viacom-owned networks, the Nielsen company said. That's down from last year's audience of 5.2 million, as the annual event has slid in television viewers each year since reaching 10.3 million in 2014.

MTV considers that more a reflection of changing media habits among young people than declining interest in its marquee show. The amount of young people watching cable television in general is rapidly shrinking, and social media measurements for the show are up, reflecting the different ...