Britney's Bomb Boosts Viacom

That said, MTV took new steps in its VMA telecast to drive traffic across other technology platforms that have gained traction with its target demographic, such as handheld devices and personal computers.

For instance, it shortened the program and added teaser clips from suite parties that invited viewers to see more on MTV.com.

Miller Tabak analyst David Joyce says that while MTV has lost a portion of it audience to the Web, the awards show offered a glimpse of how it can adapt to the digital age in order to monetize its content.

"The worst is behind MTV at this point in terms of ratings, and this shows that they're starting to get a handle on the technology shifts that are taking place in the teenage demographic," says Joyce.