Nul points all round?

So our gamble with Englebert Humperdinck didn't pay off, did it?  At the risk of being seen as a bad loser, is there any point in continuing to take part in the competition - indeed has the Eurovision Song Contest itself had its day?  The songs (I use the word loosely) no longer seem to reflect current tastes, as witnessed by the fact that it's many, many years now since any Eurovision song became a major hit.  And it's been obvious for just as many years that the voting has little relevance to the songs, but is driven more by nationalism and politics.  And it's an expensive business to put it on (there's this story that the Spanish entrant was told that under no circumstances should she win, as Spain could not afford to host next year's show!).  So given all that, I think it's fair to ask - just what is it for?  Is it time to put it quietly to bed?