It seems like the macro trend of network television spectacle events is on the decline and probably due to the internet. The decline in ratings happens across many domains:
- sports: NFL Super Bowl football viewership declines[1], MLB baseball, NASCAR racing, Olympics, etc
- awards shows: Academy Awards, Grammy Awards
- morning shows and evening newscasts on all networks NBC/ABC/CBS, etc
Both the internet (Netflix, Youtube, etc) and a demographic shift means events like the Olympics is not a big deal anymore. Yes, the Olympics committee has scandals but everything on network tv has been on a long term decline.
The 1950s television sets shifted audiences out of movie theaters. The 1940s era of "Gone With The Wind" and "Casablanca" represented the peak movie theater attendance for % of population. Now the internet is shifting audiences away from tv specials including the Olympics.
[1] https://www.nytimes.com/2021/02/09/sports/football/super-bow....