We have more options for entertainment than ever. More shows are produced by more studios, we have plenty of foreign options like anime or BBC shows instead of being limited to our region, video games compete for attention, and there's been a huge explosion of independent things online. Some people just sit and watch things on YouTube.

What hasn't increased? An individual's time and attention. There are a finite number of hours in the day.

Static demand, increased supply and an unwillingness to pay the asking price. That sounds like pretty simple economics to me.