Why is the Pakistan Super League (PSL) a failure?

I don’t have the numbers to support my answer, but have valid reasons .

PSL was not a great success during initial seasons . But gradually started getting views through online , tv … when it comes to other global tournaments it was clearly lagging behind due to various reasons .

Due to tournament conducted outside of the country , the crowd coming to grounds was relatively lesser . Also they don’t have such a big names apart from few retired players to market their game
Majority of top players don’t participate due to reasons being lack of lucrative pays . You don’t find someone like boult , steyn , Johnson , Maxwell ,… in the tournament
Due to the reasons of fixing, it has got some bad reputation
PSL spot-fixing: Pakistan bars five players from leaving the country

PCB Ban Shahzaib Hasan for One Year in PSL Spot-fixing Case

PSL spot-fixing scandal: Nasir Jamshed gets PCB notice for failing to respond to charges – Firstpost

Due to lack of enough crowd in stadiums, the returns are less . With less returns , less sponsors
Low attendance and ratings have left brands in a dilemma for PSL 2018

Also finals are often conducted in Pakistan , where 90% of their overseas players don’t come to play . So teams have to play with some seasoned players or someone who is willing to come to Pakistan to play . So due to lack of first choice players , the amount of excitement or hype will be fallen by big margin