WWE's biggest problem was the Cena Era never really provided them a stable viewer base for the future.
Cena was great at bringing in the kids market especially with the shift to PG but only for live shows and not tv viewing in general. Sort of like the Pokemon Effect where kids love Cena and WWE but after a few years, grow out of it and leave. Unlike the Pokemon Effect, those same people don't return when they are older.
Younger people skewing more towards Youtube and mobile stuff is probably also related to how terrible WWE is for consistency so its a lot easier to digest short clips or Hulu than sit and watch 3 hour RAWs every week.
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