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It isn't working because people are tired of paying $55 or whatever it is per event.
Now people just watch the free events or if they really want to see a PPV go to a bar or something to do so. Everyone is only going to pay out the big bucks for those amazing events when they come along.
UFC 172 was not a great card to sell PPV's. It ended up being a great event but this it what the average person would think when looking at the fights.
Bones vs Teixeira - Bones is good but should win easily
Johnson vs Davis - Isn't he that ww guy and Davis is boring
Rockhold vs Boetsch - Sounds familiar but can't remember who Rockhold is, Boetsch is ok
Miller vs Medeiros - Miller is tough but who the hell is Medeiros
Holloway vs Fili - Who are these guys
The problem is that this card was just not up to top end PPV quality. To bring in the big numbers you need to have either a stacked card or one must see fight and Jones vs Tex isn't that quality of fight.
That's exactly the problem, Rockhold is a top ten guy whose fought the likes of Vitor and Jacare, he was the former SF Champ, so why do fans not know him? UFC can't promote the fighters anymore and boxing is.