First, this isn't a "the sky is falling, Magic is dead" thread. But there are quite a few things going that are worth discussing imho.

Chris Cocks is the CEO of WotC now, leading to a stronger (and much necessary) focus on the digital department. Right now, MTGO is getting its ass kicked by several competitors. I don't think the 20 million $ number is accurate and should be higher, given rough estimates calculated from league runs and trophies, but it also shouldn't be anyway near the often quoted 100 million $ mark by the community.

Now why is that a problem for WotC? Maro has stated on his blog that Magic Duels is nowadays their main way to get new people into (paper) Magic. But with their competition being not crap like Wizards' digital department, it will significantly cut down the rate of new players. And we're seeing already the effects of this, as Magic's growth has slowed down to single digit numbers.

What certainly doesn't help the case for Wizards is that their R&D went to shit as well: Their cash cow Standard has been plagued by massive problems for several years in a row now - be it Siege Rhino, Collected Company, Dual/Fetchland mana bases that costs 500$+ for half a year of Standard and now the recent bannings plus the change of B&R announcements. Looking at the results of PT Aether Revolt, it has 8/8 aggro decks in the Top 8, with 6 of them being Mardu Vehicles. But they, at least the Neo Twin combo (which they completely missed, btw) isn't destroying the format. Balanced format is balanced. Scrapheap Scrounger was a 31/32 in that Top 8. It's puzzling how they don't include safety valves like Rest in Peace anymore.

It seems that WotC has entered full panic mode due dropping tournament attendance, considering how quickly they've revoked the accelerated rotation schedule, the introduction of Masterpieces to make "normal" Magic cards cheaper and the new B&R schedule. Yet they still don't know how to fix their stuff.