It's when something (movie, TV show, etc.) becomes "unwatchable" after you've seen it a couple of times.
There are many factors that could affect it. Cast of characters, number of seasons, story, philosophy, etc.
Guy 2: Couldn't agree less mate.
Guy A: Dude, is it just me, or is 'How I Met Your Mother' quite boring these days?
Guy B: Nah, it is excruciating. Let's call it a non-renewable entertainment source.
Dude 1: Dude, I couldn't stand watching that non-renewable entertainment source with my girlfriend again!
Dude 2: The Proposal?
Dude 1: Yep.