Analog and Asimov's took the hit, and are, to this day, available to read for free if you have Kindle Unlimited. There's no way this didn't lose them tons of money and wreck their cashflow.
And, even though I personally benefitted, I'm still mad that Amazon did this & I'm surprised there wasn't more pushback from the magazines. They could have done a lot more to incentivize off-platform digital subscriptions.
When I let my subscription expire gracefully (because the overall quality of the writing and editing was bad), I got something like 6 - 10 letters warning me about it. They were the kind that scare elderly people with dementia into paying. They also included some dubious claims about renewing "now" and saving, but I couldn't work out how I would save anything if I did.
So things have been bad for a long time.