It does seem a bit out of proportion, News Corp bought a business that proceeded to sink.

I think Peertube and other Fediverse stacks like Mastodon, Pleroma, Pixelfed & Lemmy will continue to bleed users from more traditional sites over the next few years. They've significantly lowered the barriers to running your own social site, creating a great variety of communities that otherwise would be much smaller or non-existent.