I was actually a bit curious, so I quickly jumped onto Channel Awesome to see how many of the producers I still recognize as someone who used to watch their material a lot around 2012.
I recognized two people: ChaosD1 (who technically gets most of his funding and his audience from MMO Grinder and he has his own separate website and Patreon anyway - he's barely affiliated with CA) and Nash, who still puts up the WTFIWWY segments of Radio Dead Air on CA. Everyone else appears to be new blood, which means that a good portion of CA's original staff has left.
Now, that's not really surprising. E-Fame is an extremely fleeting thing and it's not uncommon to see some popular YouTube artists rise and fall in the span of two or three years, depending on how dedicated they are to their channel or if they simply lose relevance.
Fred use to be one of the biggest things on YouTube but he's since been usurped by Let's Players like
PewDiePie. I remember hearing about how some producers like That Chick With The Goggles have simply stopped producing videos and have basically left their Internet relevancy behind to live a more normal life off the computer.
However, given CA's history with people like LordKaT, Holly, and Lupa, losing a lot of producers in a span of three years shows to older fans that there was a fallout between management and staff that caused a lot of their content producers to leave for greener pastures. Not to mention that losing all of these people means that you also lose the fans that they attracted. If someone was on TGWTG for Lupa and Lupa leaves the site, they don't have any incentive to join anymore, do they?
The biggest issue the site has, imo, is the fact that most of their newest content are YouTube producers. Unless they put some sort of clause stating that all of their new videos now have to go through the Channel Awesome channel or if they've formed their own YouTube network that encompasses these channels, most of their fans don't see the reason to visit CA if they like this one guy off of YouTube if they can just catch their videos on YouTube. The loss of Blip, a lot of their old staff and a lack of incentive for new fans to visit the website means that their website is growing increasingly irrelevant. The funny thing is that a lot of their producers probably see that as well. Linkara, as some people have said, still contributes to Channel Awesome but he also has a Patreon up. They're setting up fallback incomes for their Internet careers when CA shuts down.
And let's be honest here. Barring the creation of some huge Internet phenomenon like a second Nostalgia Critic, we'll all be surprised if CA lives to see 2020.