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After a certain point engagement just looks like that for a lot of huge accounts, take a look at UFC's for example. Dead subscribers are a thing that's very prevalent once you cross a certain threshold, and while botting does exist, I wouldn't chalk the drop off in views to just that.I think youtube clamped down on the bot accounts recently since ONE viewership on Youtube is not looking that great for supposedly almost 7 million subscribers
https://www.youtube.com/@ONEChampionship/videos
Imo it's a mix of things: People who's interest in combat sports waned, people who only subscribed for certain fighters, people tired of the constant output and recycled content etc. One thing's for sure, even with the drop off their presence on social media is still larger than Bellator's by a lot. That doesn't translate into financial success however, but I think at this point saying One is the #2 company in terms of viewership isn't an outrageous thing to say.
Different market and a willingness to sink way too much money into the company does that. Kinda like KSW having a stranglehold on the polish market and historically having pulled better numbers than Bellator. They don't have the talent Bellator have, but they have a whole market for themselves.