It's a little more complicated then that. The main impetus for the development of the Concorde was actually fuel efficiency - once you get high enough above the sound barrier supersonic flight is more fuel efficient than subsonic flight, all else being equal. Back in the 50s, as fuel costs became more and more of a concern for airlines, this seemed like the obvious future: you get your passengers to their destinations faster, you spend less on fuel, and you can make more flights per day. So Super Sonic Transports (SSTs) looked great on paper. SSTs need to use turbojet engines, which all passenger jets in the 50s were using anyways.
But shortly after Concorde's design was locked in high bypass turbofan engines were developed whose fuel efficiency was way higher than turbojets, and indeed much higher than the jump to supersonic flight could achieve. Now it was a choice between speed and fuel efficiency. This really could have gone either way, but when Boeing got out of the SST game they lobbied for overland supersonic flight to be restricted because of sonic booms, which eliminated the potential domestic market. Concorde was reduced from the future of air travel to an offshoot for a niche market.
Still it was profitable. People were willing to pay a premium for faster travel, it just wasn't a big enough success to warrant further development. The aircraft aged, unable to take advantage of many of the improvements that came to subsonic jets, and there was no replacement in sight. The Concorde was increasingly expensive to operate compared to more modern aircraft, not because of fuel but because of maintenance and staffing. Between a high profile Concorde crash in 2000, then the reduction in aircraft travel after 9/11, and the security increases which essentially tacked on 2 hours to every trip by air, the Concorde ceased to be viable.
But shortly after Concorde's design was locked in high bypass turbofan engines were developed whose fuel efficiency was way higher than turbojets, and indeed much higher than the jump to supersonic flight could achieve. Now it was a choice between speed and fuel efficiency. This really could have gone either way, but when Boeing got out of the SST game they lobbied for overland supersonic flight to be restricted because of sonic booms, which eliminated the potential domestic market. Concorde was reduced from the future of air travel to an offshoot for a niche market.
Still it was profitable. People were willing to pay a premium for faster travel, it just wasn't a big enough success to warrant further development. The aircraft aged, unable to take advantage of many of the improvements that came to subsonic jets, and there was no replacement in sight. The Concorde was increasingly expensive to operate compared to more modern aircraft, not because of fuel but because of maintenance and staffing. Between a high profile Concorde crash in 2000, then the reduction in aircraft travel after 9/11, and the security increases which essentially tacked on 2 hours to every trip by air, the Concorde ceased to be viable.