03/29/2013 01:12 pm ET Updated May 29, 2013

'Idol' Ratings Hit All-Time Low With March 28 Episode

"Idol" ratings have reached an all-time low.

The longtime Fox megahit has been dropping in the ratings, but this week was especially tough. The March 27 performance show hit a Wednesday night low for "Idol" with a final rating of 3.2 in the key demo and 12.3 million viewers total.

Early numbers show the March 28 installment of "Idol" hit the show's lowest rating in the key 18-49 demo ever with a 2.7, according to The Hollywood Reporter.

Of course, with most of the TV attention on the NCAA Championship these days, "Idol," which is now in its twelfth season, has some competition.

The news isn't all bad for "Idol" though."It's still a top 10 show," Brad Adgate of media-buying firm Horizon Media told "Compared to several years ago, it's not the ratings force it once was ... But even if it loses 20 percent" again, it's still valuable to Fox.

And what about its competition? This week's Season 4 premiere of "The Voice" -- which saw the debut of new coaches Shakira and Usher -- drew a 4.7 rating in the demo and 13.4 million total viewers. Though it's behind the 6.0 rating and 17.9 million viewers of the Season 12 "Idol" premiere, "The Voice" still has something on its Fox competition.

According to The Wrap, the demo rating for the "Idol" premiere was down 19 percent from Season 11's premiere and down 4 million total viewers. "The Voice," however was up 12 percent in the key demo rating and 9 million total viewers from its Season 3 premiere.

"American Idol" airs Wednesdays and Thursdays at 8 p.m. ET on Fox.

"American Idol" Season 12