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The public companies are failing because the hobbyists are giving it away.
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The one thing in there that they got wrong. Companies are giving it away to sell dating site memberships and cam site memberships, and that is that. NOOF and other major players face problems because they are not interested to take steps to stop the spread of long play clips, they don't take action to stop the use of their material to promote non-related services, and generally because they appear not to have taken responsibility for themselves. They also don't tend to push on their promotional partners to deal with the tube issue either.
The big tube sites are a business, predicated on stealing as much content as possible. NOOF hasn't given the impression of being interested in protecting themselves.