There's are many reason why ratings are dropping;
1. Raw Creative Team sucks: They cannot write or book to save their lives. That's why you're getting stale feuds and weak storylines. I mean look at this way; the feud that Cena has with Khali, is the same feud that Cena has with Orton, or the same feud with Lashley. Cena's opponent attacks him and tries to weaken before the PPV, and then, Cena ends up winning. There's no uniqueness or difference between any of the feuds at all. Also, the creative team cannot push or make new stars. The fact that they had to take Booker and Kennedy from SD, two of SD biggest stars, tells you that the RAW creative team cannot make any stars. And RAW is supposed to be your A show. And the people that do push aren't entertaining in the ring or on the mic. So, that's why you're getting characters like Umaga, Santino, John Cena's "untouchable" Marine gimmick, etc.
2. Cena being "Superman" gimmick character: It's obivous that Cena has gotten stale, not only in the ring, but, on the mic and his character have grow stale among the WWE fans. So much so, that the kids and casual fans that he's supposed to be appealing to, are turning away from Cena. How sad is that? They are getting tired of him always overcoming the odds, and always saving the day. That's why Hogan started to get booed in the '90s before he joined the NWO. He's a prime example of a character created by the RAW creative team. Because if you remember, when he was on SD, he had the rapper gimmick, which he had far better promos, then, what he has now.
3. Redundant feuds, non-interesting storylines: Guys that are on TV are stuck in the same exact feuds that were done before, just before, they started that feud. For example: Cena's feud with Khali is no different than his feud with Orton, or Carlito getting stuck in the same storyline with Torrie than what we was in with Trish Stratus.
4. Too many PPVs: There are far too many PPVs, so, there's a very limited time that they build up a good feud. I mean, you have two weeks in between New Year's Revolution and Royal Rumble. And, One Night Stand and Vegenace are only 2 weeks apart, so, how can you build up a good feud with 2 people so that people will want to see them in a match, so the matches mean something. It either seems lackluster or rushed. Thus resulting lackluster RAW shows and low PPV buyrates.
5. Lack of starpower: Right now, all of WWE's major stars are injured right now. HHH, HBK, Edge (transfer to SD, but injured), Lashley (just got injured). Mostly all of the most over guys on RAW are on the shelf. The only starpower you have is Cena, right now, a lot of people are tired of seeing him. That's why people can't wait for HHH to come back. Quite frankly, I don't what to see HHH hog the title like he did back in 2002-2004. But, that's another rant. But, anyway, the lack of stars on RAW right now, is what's turning most casual fans, because those are the fans are the ones that mostly watch RAW.
Those are some of the reason that I can think of the top of my head.
1. Raw Creative Team sucks: They cannot write or book to save their lives. That's why you're getting stale feuds and weak storylines. I mean look at this way; the feud that Cena has with Khali, is the same feud that Cena has with Orton, or the same feud with Lashley. Cena's opponent attacks him and tries to weaken before the PPV, and then, Cena ends up winning. There's no uniqueness or difference between any of the feuds at all. Also, the creative team cannot push or make new stars. The fact that they had to take Booker and Kennedy from SD, two of SD biggest stars, tells you that the RAW creative team cannot make any stars. And RAW is supposed to be your A show. And the people that do push aren't entertaining in the ring or on the mic. So, that's why you're getting characters like Umaga, Santino, John Cena's "untouchable" Marine gimmick, etc.
2. Cena being "Superman" gimmick character: It's obivous that Cena has gotten stale, not only in the ring, but, on the mic and his character have grow stale among the WWE fans. So much so, that the kids and casual fans that he's supposed to be appealing to, are turning away from Cena. How sad is that? They are getting tired of him always overcoming the odds, and always saving the day. That's why Hogan started to get booed in the '90s before he joined the NWO. He's a prime example of a character created by the RAW creative team. Because if you remember, when he was on SD, he had the rapper gimmick, which he had far better promos, then, what he has now.
3. Redundant feuds, non-interesting storylines: Guys that are on TV are stuck in the same exact feuds that were done before, just before, they started that feud. For example: Cena's feud with Khali is no different than his feud with Orton, or Carlito getting stuck in the same storyline with Torrie than what we was in with Trish Stratus.
4. Too many PPVs: There are far too many PPVs, so, there's a very limited time that they build up a good feud. I mean, you have two weeks in between New Year's Revolution and Royal Rumble. And, One Night Stand and Vegenace are only 2 weeks apart, so, how can you build up a good feud with 2 people so that people will want to see them in a match, so the matches mean something. It either seems lackluster or rushed. Thus resulting lackluster RAW shows and low PPV buyrates.
5. Lack of starpower: Right now, all of WWE's major stars are injured right now. HHH, HBK, Edge (transfer to SD, but injured), Lashley (just got injured). Mostly all of the most over guys on RAW are on the shelf. The only starpower you have is Cena, right now, a lot of people are tired of seeing him. That's why people can't wait for HHH to come back. Quite frankly, I don't what to see HHH hog the title like he did back in 2002-2004. But, that's another rant. But, anyway, the lack of stars on RAW right now, is what's turning most casual fans, because those are the fans are the ones that mostly watch RAW.
Those are some of the reason that I can think of the top of my head.