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Such a sudden shift in consumer preferences from physical to digital would be unprecedented in any medium. Even the music industry is about half physical (about 1/3 in the US), so COD being 80% digital would be insane.

Sales are dropping. The franchise has turned away a lot of longtime fans with its shift from modern warfare (the thing that made the franchise big in the first place) to sci-fi, and that's coupled with the general decline that any franchise is going to see over time.

COD is between a rock and a hard place. The fanbase wants something new, but is very averse to change. Dunno where they could go from here. It's been a good run though.