There has got to be a way to compile data concerning player loss against major updates with a two month buffer after each change implementation to include the changes that AH3 implemented upon release.
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This assumes there was some fundamental shift in the game that killed it, which may be (and I believe to be) inaccurate.
AH has always (at least since I joined around 05 or so) been a much older demographic than, say, Anthem, or Titanfall.
It has, broadly, failed to attract and retain younger people. Squeakers not withstanding, they are certainly an exception, whereas on the consoles, they're just another day online.
Your player demographic simply aged. Many (certainly more than have been posted on the forums) have literally died of old age.
Say it's only 50 people since 2005 (unlikely), well when the arenas only held like 700 on Titanic Tuesdays, that's literally 7% of your player base dying (as a low estimate).
The game is insanely inaccessible to the majority of potential players. The interface feels old as hell, we literally use dot commands for regular game interface like it's still '95. Most of you have been here at least a decade, would whip the toejam out of a noob while literally 2 bottles of jack deep, and you are (or at least used to be) colossal love muffines on 200 and country chat whenever a noob chimed in.
Most of you will complain about (or at least think it) kids these days not having the attention span, or determination, or thick skin, or whatever. But that's not going to bring the heyday back, and actively hinders solutions.
You'll either see the game change significantly or it'll eventually close up shop. Or maybe you'll just be another name posted on the forums, read by fewer and fewer people.
Whichever the case, there's simply no going back.