I think the site needs to focus on thread quality; there is lack of compelling topics. There are too many:
* Threads on the same topic over and over and over again (why did console that came out 20 years ago fail)
* General threads - Instead of asking a broad general basic question about Final Fantasy pick a Final Fantasy and create a thread some topic about it.
Here's the reality: When threads are made that go beyond these .. they are usually ignored. It is like anytime we are asked to read more than a sentence in OP or asked to do more in a post beyond listing something .. its like turn off.. on a forum about discussing video games. Raising thread quality will raise participation. There will no moment where the site will just magically flourish again. It will take effort from each member to turn the sire around.