I think someone in here said it best. It was mentioned that MMA hasn't overtaken boxing in the UK, but it is very popular amongst a young demographic. And I agree it's just a matter of time before MMA overtakes boxing in that country just like the US.

Boxing not being on network tv severely limits it's exposure, yes we have the internet, but you also must have it on network tv to reach a massive audience and interest potential fans, especially the young which will become your hardcore fanbase in the future.

In simple terms, boxing fucked up by going to HBO and Showtime primarily in the US, and now someone in this thread said it's not on network tv in the UK. Which really why boxing has fallen off the mainstream.