The short answer is yes, WWE viewership has been on the decline in recent years. Unfortunately, the answer isn't quite that simple, as there are a number of contributing factors and different interpretations of the data.
Firstly, overall ratings for televised WWE events have been dropping in the past few years. However, this doesn’t necessarily mean that viewers are abandoning the product. The number of people watching WWE might still be growing, but the average viewer may be tuning in for fewer hours. As the network and streaming options expand, people are choosing to focus on specific parts of the show, or watch events days or weeks after they air.
Secondly, WWE has changed a lot in the last few years. Both its programming and focus have been adjusted numerous times in a bid to attract new viewers, but this often comes with the unintended consequence of alienating long-term fans. Creative changes have led to mixed reactions, with some viewership gains offset by more vocal and public critiques.
It’s tough to tell exactly why people are turning away from WWE. It could be a combination of the above causes, or simply a sign of the times as tastes, trends, and technology change.