Video is extremely overrated as a medium. It's not searchable, it's not quotable, and it takes forever to consume compared to reading. I read a dozen(s) or more articles in a day, and generally watch zero videos per week.
Audio ads are seen as highly effective, especially if the ad is a testimonial from a respected radio/podcast personality. Video can still do plenty well with the viewer planting their eyes firmly onto the screen, but when the viewer decides not to there's still the audio, hassling us to get our subscription to BarkBox or whatever.
Between that and the rise of ad blockers, it doesn't surprise me in the slightest that sites are fleeing to video. I think it's actually in their best interest, lest they be left behind and replaced. I've been seeing this a LOT with gaming related content. YouTube channels are essentially replacing game sites.
Yes, that is the current state of the Internet publishing industry.