We can shorten that to “Nothing is killing WOW”. They don’t dominate the market any more, no one will ever do that again but as long as they are making more money than it costs to continue the game no one is killing them.
If we’re actually using our brains here then both you and I know no one knows the future or how things play out. WoW could literally be shut down for all we know in the future and not continue on like EQ or EQII has after all these years. Or they could simply chose to not make more expansions any longer for whatever reason.
But it does seem to me that the games nosedive in subscriptions had to have had a reason for occurring. Unless of course everyone just all of a sudden simply thought to themselves “I think I’ll go play another game” and never came back.
I believe there are several reasons why subscriptions are off.
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Wow is an 18 year old game in an industry where 5 years is middle aged and 10 is an antique.
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The trend is away from PC games toward social media and mobile where WOW doesn’t play well.
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Million subscription Content Creators like Bueller, Preach and Asmongold draw clicks by focusing on WOW and mocking it which drives away new players.
Maybe the content of BFA and Shadowlands were a problem but to me they they seemed fine.
I had fun playing them.