What happened to MTV? Well, we did.
The guys at 5 Second Films (note that this is NOT a real network head) envisioned an MTV big shot explaining to a distraught former-fan why MTV no longer stands for anything music-related (fun fact: in 2010 MTV officially retracted "music television" from their name, meaning that 'MTV' now simply stands for itself), and the answer is pretty damn funny/depressing.
The "network head" goes onto explain how the internet, for obvious reasons, has essentially killed the old "feature a dope video of an up-and-coming band and watch them ascend to stardom" model, replacing it with a new reality TV scheme that solely exists because you "watch that sh*t to be superior."
"Not our f*cking demo anymore" is correct. It won't be long until those who grew up with a music-centric MTV will have to start getting prostate exams. A holy shit I'm old realization if there ever was one.