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Ratings aren't everything, but they can indicate a problem. According to this The Wrap article:
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Nickelodeon said last fall that its ratings woes were temporary, but that doesn't look to be the case: This month, kids-TV rival the Disney Channel beat it for the first time in its average number of total daily viewers.
It's a notable milestone that Nick understandably downplays. It has ruled in the ratings category every month since June 1995, when TNT was tops. While other networks focus on primetime, kids networks fight for total-day bragging rights because their young viewers have many more hours of free time to spend in front of a TV set.
...Many parents have long complained that Nick airs too many reruns of popular staples like "SpongeBob SquarePants," as the Disney Channel generates new original programming like "Jessie" and "Good Luck Charlie" to continue the success of hits like the recently departed "Wizards of Waverly Place."