“The Real World” killed MTV only because MTV had to move in that direction to survive—as a crappy version of itself. See, the station needed to up its advertising prices. You do that by selling ad spots for different amount of money depending on projected eyes on screen. Super Bowl ad slots sell for more than Price is Right slots because you can predict more eyes on screen (also value of those eyes depending on demographics but I digress).
When we all just tuned in and out to watch videos (the best days of MTV), it was near impossible for the network to sell Monday at 6 p.m. for any different rate than Thursday at 8 p.m. There was no “scheduled programming” to draw viewers like corn at a deer feeder. So MTV launches a program that has a set time. It becomes very popular and ad space sold during its block is worth many times more than the slot between REO Speedwagon Take it On the Run and McCartney/Jackson Say Say Say. The execs like the money, want more scheduled programming to sell at a premium, and a once-great network is ruined—at least for those of us that lived a life where MTV just played in the background nonstop.
Now you get to a Yogi Berra conundrum when you think about now and how do you sell any spots when no one watches at all. I guess this is where subscription money and cheap ads barely keep it afloat.