There is a shortage of better horses everywhere. Owners are dying off, or getting out and not being replaced. Only a small percentage of stables make money for their owners. For the people still in it, why re-invest when you lose money? The younger generation has no interest in this business. It's reality, and unfortunately, this will be the trend from now on.
Look at the retail world. Look at all the stores that are closing. Why: The younger generation would rather shop online, get it delivered to their house the next day, and have no hassle of returning it.
The world is changing. Did you ever think that people can order McDonald's on their phones, have it delivered to their house, and, with fees, pay $22.00 for a Big Mac Value meal?