Why WWE Are Losing Money On House Shows

But at the heart of all of this, and more important than any other reason behind the decline, is one simple truth: wrestling just isn't cool anymore.

The Attitude Era captured the zeitgeist. It was the perfect style of programming for the perfect time period, tapping into everything the audience wanted and needed from an escapist wrestling product in the late '90s. That, primarily, is why it can never be resurrected. The wider world has moved on from wrestling.

Once the mainstream decides what you're offering has had its day, it's impossible to become the cool thing again. Thus, any efforts to recapture Attitude's glorious business and creative highs may be for nothing, with the sport doomed to remain a niche interest eternally. That isn't to say the situation can't improve, but its ceiling is lower than ever before, with wrestling's decline in cultural significance a key driver not only in the ratings rot, but the demise of live events as well.

Sadly, there's little WWE can do to stop this. They can make house shows more exciting, revamp their product, and relearn how to make stars, but they'd be papering over the cracks. They have no control over how society's demands shift with time, and may just have to contend with the knowledge that their form of entertainment's time has come and gone.

WWE's team of sharp, creative business minds will likely find ways to make incremental improvements, but they'll never boom again, and like TV ratings, cratering live event numbers might be terminal.