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When they were able to bring it back so fast during Covid and everyone was just craving something they could watch and enjoy that was fresh, and tv shows/movies were at a standstill I think they brought in a bunch of popularity for sure. Then they started price hiking rapidly and it just got really expensive to maintain.
I still think if they had a $20 a month subscription service they’d be very successful
They had a completely unique situational monopoly thanks to COVID that can't ever be re-created where they were the only sport to watch.
The way you grow a sport is you keep the old fans while adding new ones. Meanwhile they are losing their old fans and think they can replace them with new ones, but the new ones lose interest immediately because there aren't many compelling stars to follow and the quality of fights have degraded to the point where the spectacle has lost it's luster (even to new fight fans).
As long as the suits keep getting their huge bonuses they aren't going to change anything though.
