In my case it is very simple, timezones. The show starts at 3:00 in the middle of the night, which being a workday is an impossibility to watch, and I suspect that being the case for many Europeans. That being said, I always watch the VoD the next day.
Edit: One aspect that I think hasn't been explored is - how many of your subscribers don't watch shows live, but do watch the Twitch VoDs. Personally, I very rarely catch shows live, since even the ones that start somewhat early, end past midnight (and I would have to wait even longer for the post show discussions) whereas, if watching the VoD the next day, I can do it at my own pace. The live viewership for Blades might be lower, but I'm curious what the VoD viewership is like on Twitch (and Youtube).