Hot take: gated content is hurting our leads, not helping them

Last month we locked our best case study behind a 5-field form and watched demo requests drop 40% compared to the same period in March. I ran the numbers twice because I figured the top of funnel should shrink, but the qualified leads actually went down too since prospects just bounced to a competitor offering the PDF without a gate. Am I missing something here, or has anyone else seen ungated assets outperform their gated versions in B2B?

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