They have a lot of competition, since decades there are other music channels.
And also everything, especially nigger music which made up 80% of MTV's content last time I checked, got uploaded to youtube.
You can watch all nigger videos on YT without censoring, copyright claims, since ever; I remember on the other hand when there was an Alex Jones interview with FreemanTV (both are believed to be doorkeepers btw) that was officially censored under the pretext there was music still playing when they cut out the ads (the intro music to get back to the interview). They were taking about the Bushs and other celebrities being relatives in the censored segment (that was in around this time of the year in 2008). Oddly one song that was "copyright protected" on youtube for a long time was Highway to Hell from AC/DC but apparently they unlocked it back in 2013.
Things I liked on MTV, but rarely got to watch, was Zig&Zag show, South Park and Beavis & Butthead to some degree. But that's a very long time ago.