>>95077045I'd pin the blame more on Imperator: Rome tbdesu. That one flopped so hard that even desperate attempts to patch things up did basically nothing and they had to abandon any plans for major DLC. Victoria 3 is at least managing to keep like x10 IR's player count, even if it's a third the size of CK3/EU4 right now.
EU5 is probably going to be their last shot though, if that one isn't a major success I don't really see much way for them to salvage things