In Europe, North America and other parts of the world, the habit of listening to shortwave radio died out decades ago. Since there are no potential listeners, it makes no sense to keep broadcasting to these target areas. In addition to that, the internet allows instant access to a literally infinite amount of news and information from all over the world.
If broadcast radio still is your medium of choice, you also have instant access to tens of thousands of stations from all over the world (I’m actually listening right now to classical music from Hungarian state radio, and before that, I listened to the morning show from KFI in Los Angeles, both in excellent audio quality, no comparison to shortwave).
Shortwave radio still plays a role in Oceania, Radio Australia and Radio New Zealand still make use of it. The Indian subcontinent is also still an important target area. China Radio International (which used to be Radio Beijing) broadcasts via shortwave in Indian languages and still receives thousands and thousands of letters every year.
Many of the old big players have dramatically cut down their languages and hours or have folded completely (like Radio Netherlands).
International TV transmissions (via satellite) have become very important, especially in the Middle East.