I don’t think this is the reason. I think it is purely because there is nothing new worth watching.
The writers/actors strike means that there will be no new content for at least the next 6 months. All except the most Potatoish TV Viewers have reached saturation point on current content and after COVID, people want to get out of the house and do things, rather than languish at home.
The whole point of Cable cutting was so we could ditch the $60 Foxtel bill and just have our $100 Internet bill. If we have to pay for AppleTV+, Netflix, Prime, YouTube Premium, Stan, Kayo and Binge, it add up to much more than a Foxtel bill.