I would not say it is dying because of the World Series numbers. Would say that times are changing and they are still in a good spot. When the World Series had better ratings, it was not competing with all of the other sport options. The baseball season is long and they just added more playoff games. By time the World Series rolls along, many are ready to watch something else.
Baseball also does not market it's stars like other sports. Seagar just won his second World Series MVP. Most could not identify him in public. With all of the rules changes they recently made, showing they are not incapable of change, I would not be surprised if baseball got the message and started doing it better.