You are correct, this chart shows the rate of losses, started during when the economy was considered quite good-
The number of traditional U.S. pay-TV households, including cable subscribers, was 58 million in 2023. A forecast suggests a drop to 41 million by 2028.
www.statista.com
The main problem Paid Live TV has is the younger people are no longer replacing the older people dying off as subscribers.
For example, my kids are 33 and 28, both were raised with paid Live TV, but they were also raised with the internet, neither has ever had Paid Live TV in their homes, do not even think about it, happy with their streaming services, both have 85" TVs.
Now go a tad younger then my kids, where they were/are basically given a device when very young to keep them entertained, that device has nothing to do with Live TV.