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I completely disagree, that's a corporate excuse.
You got to cater to the deomgrpahic for the ratings. With this current generation, and future ones, of young folk, all they know is "reality' tv, Ex: MTV was 95% music video shows back in my younger years Today, 95% is now "reality" shows.
AMC became extremely popular by doing the complete opposite : making high quality shows that rival even the best films. No matter how much money "dumb" shows make, people flock to quality.