The reason has been their prostelization of politics, and even open degeneracy
Their skill as journalists is garbage as they mostly just repeat press releases, or put out nonsense content that no one reads
The corporate media has failed to make any adaptations within the medium, they are still operating as if it's 2012.
The corporate media has also failed to adapt from their strategy that they 'hyper-partisan millennial youth audience' is out there waiting to save them and buy all of their garbage
There is open animosity between the journalists and the audience
Developers are being explicitly silenced and threatened by journalists, and these are statements coming from the devs themselves. See: KCD 2
TL;DR:
That's why Hogwarts Legacy was such a triumph too.
They tried to take on a behemoth and failed spectacularly.
And just like KCD2, Hogwarts Legacy was completely pozzed. There’s a tranny in the game ffs.
Hogwarts was a great showing of how many people's entire ideology and life is "the opposite of whatever the Left is doing."