There are many like me who used to watch. The internet revolution step in majorly because of the lack of quality content in TV. OTT are there only because of that. Except Tier 1 cities, OTT revolution is hard in other cities where majority of people of a country lives. Ofc timing is a factor.
Then ads are not everything for a channel. As Animax is a premium channel, they don't mainly rely on ads only. The same animax in SEA with same structure is making profit. The shut down is only because of non availability of channel in major platforms. They didn't get the reach they need. Majority of broadcaster in India don't take Kids segment seriously. That's another reason.