They pumped millions and millions into exclusivity deals with streamers like Ninja and Shroud, only saw small growth and then completely stalled.
Even during the recent lockdowns they remained almost flat, while others had big viewership spikes.
At some point you just have to call it quits.
The new competition besides Twitch is FB Gaming and YouTube, which can leverage existing platforms with a huge userbase.
An isolated platform that offers no value over Twitch has no chance in this environment.