A little deeper into this ...
Brandon is correctly pointing to the C-19 effect. When they saw it the most was in the slow growth of their subscribers (reported by several outlets.) In roughly a year and a half they grew by 200,000 after seeing three times that growth the year before (12 months.) While the spin was sold as "slow growth" the reality was they were churning subscribers.
Also ... this was all supposed to be ad-free. A couple of years ago they announced they are going to diversive with a newsletter with revenue based on ads. It was all supposed to be great content, no ads, subscription based revenue.
They still have a majority on their half price plan. As mentioned, they were advertising a month for $1 recently.
All the while receiving MILLIONS in capital investment/seed money. NTY was the latest to take the bait.