I'd agree with much of that.
Finance is an issue though as well, obviously. As when it's expensive, it's an even less appealing option above all the other technology options. But all those other technologies aren't cheap either, so it's not as if it's through poverty and many of those people can't afford it. It's through choice, and choosing things that give more instant entertainment value than a 2 hour football match, a 9 hour / 5 day Cricket match, etc.
The shorter concentration spans, and demand for instant entertainment, means many younger generation aren't as fond of sitting through a full game that might well be pretty dull when in that time they could have watched so many different things on Tik Tok or YouTube - or interacted with people on social media, etc.
So even for many of those following it, watching the best bits on the Internet, and reading what others say about it (fan sites, celebrities, etc) is more appealing than committing the time to watch the whole game.