Yeah. Speaking for myself, it's not that there are all these online novels I can read for free. (OK, there are in the public domain but that's not my point.) It's that there is a lot of other reading and entertainment/education options out there.
Some of which are free/donation, some of which are not. I'd be pretty surprised if people in general were reading as many novels as they did at one point. (I may be wrong of course.)