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Can trace that back to WWE's terrible job during the Cena era of building Cena's young fanbase into their future viewerbase.
Cena as the only mega star and the PG era ended up being great for WWE generating a huge new child fanbase but terrible in the long run since WWE never bothered to improve their terrible booking habits and treated the majority of the roster as a bunch of nobodies.
Led to those young fans getting bored after a few years and quitting being fans of wrestling. Unlike something like Pokemon, those fans didn't come back after a few years as new young adult viewers.
WWE's numbers would be even more dire if it wasn't for NXT and Total Divas causing a revival in interest in women's wrestling in the company since that led to a lot more female viewers becoming fans of wrestling.
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