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People can make excuses and point to competition but it always comes down to this: if the matches and storylines were compelling enough, people would stick with the show. They weren't, so people felt free to switch to NBA, news, or whatever else. No need to make excuses.
If you're honest, you'll look at the quarter hours and realize, huh, maybe people just plain don't care about old man RVD vs Dark Order, huh maybe that women's match was trash and turned people off, huh maybe people didn't find a random stakes-free tag match with Okada compelling. I'm generally an AEW fan and even I can see this plain as day.