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One reason I think is the fragmentation of culture. When there were only a limited number of TV channels you could reasonably have a handful of shows that everyone in the country would get together and watch, especially for event broadcasts like the Olympics. Now there are so many options the chances one thing will be able to dominate the conversation is very low, even if lots of people watch the Olympics, because of streaming each person might be watching totally different events at different times. The unified communal experience was a big part of what made it exciting.