WWE is more lucrative than ever, if nowhere near as popular as it was at its Attitude Era zenith.
The company has compensated for lapsed fans by reorienting its strategy. Those left behind are now inundated with obscene levels of content. House shows are more expensive to attend and there are considerably more promoted than at the turn of the millennium. This strategy of "super-serving" content reaches across every area of the business; merchandise, original Network programming, social media traffic - everything is oversaturated to meet the needs of the remaining few.
TV revenue remains the most lucrative stream - but crucially, that first domino is teetering badly in 2017, potentially setting off a chain reaction affecting rights fee negotiations and with that, sponsorships, advertising platforms, Network subscriptions...
Ratings are absolutely dire, and they are tumbling into something both embarrassing and potentially dangerous. WWE is no immediate or long-term danger; the market share they enjoy is vast, its cash reserves even more so - but the episodic televisual output, vital to its success, is abysmal and increasingly unpopular. RAW used to WAR, but now it's just RAW. It's just there - a weekly chore absolutely nobody seems to enjoy for what it is.
WWE needs to rip it up and start again.