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From 2016 to 2022, american cable TV has lost 68% of its 18-34 viewership. Whereas the 50+ viewer has actually gone up by 23%.
This affects RAW, NXT, Dynamite & Rampage. As the ratings continue to drop, it doesn't mean younger people are not watching the shows. It means that they are not watching the shows on TV, which is the primary source for ratings data collection. The only consistent numbers are for the viewers over 50, who by the looks of it, have no plans to switch to streaming. Over 50 viewership skyrocketed during the pandemic, with TV viewing going up 57%. The 50+ demo however, is not as valuable as the 18-49, which the 18-34 makes up the majority of.
Nielsen did say they were expanding to streaming numbers in the final quarter of 2022, however this seems like it may not happen because there have been reports of some TV Networks dropping their shows from Nielsen completely due to how outdated their data collection method is. Other reports in the past had said that Nielsen would only allow certain streaming services if they ran commercial breaks.
Source: Wrestlenomics / Brandon Thurston