IMO, the challenge of racing translating to people today is simply due to how advanced technology has become, the many multiple options for people to spend their time, and the lack of connection by younger generations to cars/racing.
Advanced technology - The ability to view internet programming on demand, DVR or cloud recording, and advanced video gaming forces racing to compete with hundreds of options. As a kid I grew up with the option on Sundays after church and lunch of going outside (to play, fish etc. which I did plenty of) or listen to the race on the radio. I starting combining both with my portable radio. Now that everyone can tap in and out of so many options, it forces programming to be compelling at all times to keep from getting tuned out.
Multiple Options - Leisure time pursuits are more numerous than ever. In sports that demand an investment of significant time, most are experiencing decreased viewership. The premium sport, NFL, is blunting their own nose due to player actions, but even before that a small slide had begun. Studies show more people getting outside or pursuing interests outside of watching tv.
Lack of connection by younger generations - We all have seen this happening for years. Car culture is waning among the very young. I couldn’t WAIT to get my drivers license on my 16th birthday. I am shocked how many kids put off getting their license now, sometimes for a couple of years. More want to live in urban areas and be connected to their friends constantly via texting or doing group things. Their car options rarely involve anything with power. Millineals see, more indifferent to racing than older generations. My son is 32 and loves cars, went to races, etc. but his interest in NASCAR seemed to wane as he got into college, started dating, married, then raising a family. We will occasionally talk about racing when I bring it up, but he is wrapped up in many of the things I spoke of in the first two sections.