It might hold up on TV, but I think it's more down to there being a certain number of people watching the show on TV and keep watching it because they can't find anything better on TV.
But if you look at the views for stuff that requires active engagement, you might see a different picture. Even before they geoblocked the show in many countries, the views on their YouTube channel has gone down.
37K > 20K > 16K > 19K > 18K > 17K > 15K
15K > 14K > 12K > 16K > 12K > 12K
11K > 10K > 6K (that's when the geoblocking started) > 5.7K
They've lost half their viewers on YouTube over the first two weeks and then lost half of the remaining audience from locking them out.