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Cena's young fans literally were WWE's most recent chance at building for a future in terms of TV.
Cena was one of the best ever in WWE history when it came to live events and merch sales numbers but also one of the weakest ever top stars in terms of his core fanbase not becoming a new foundation for WWE's future. WWE's shitty booking habits they developed during his era did a ton of damage towards that. Everything post start of PG Era just added to that problem instead of being a separate main cause.
Wrestlenomics' Brandon Thurston did a report on this a couple years ago and discovered the main issue was a big gap had developed within Cena's young TV viewer fanbase. Cena had a very strong pool of young TV viewers but then start leaving en mass after just a couple of years and were not returning in sizable numbers down the line, meaning they very likely stopped being wrestling fans all together.
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