Hmm. Even though I didn't watch an entire show of it, it seemed like an event for the people who are really into high profile models/fashion. Also in the last decade, record labels sent their artists to the show to promote their music as well. I still remember the Spice Girls performing there.
I don't think they should think ax it, like if its a money thing, then they could make the show smaller. There's lots of fashion shows out there that don't necessarily need high/expensive production value (like fancy sets/lighting). Their shows back in the 90s were quite simple, so maybe they should go back to that. And I'm sure, there's gonna be a cable network that would like to air it or, stream it online, instead of justnothing.