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PFS is in its 6th season (and, I think, 7th year), and some parallels can be drawn between it and another major campaign which lasted 7-8 years, Living Greyhawk.
There are a number of things which happen as a campaign matures, and most of these affect publicly-observed play of PFS:
1. Pathfinder, as a game, has become very cumbersome and bloated. I know I don't like GMing it any more, because there's just no way for me (a busy person) to meaningfully master the rules. I feel like I'm playing RIFTS at times! I know this has driven players away, as well. This happened in LG as well (the infamous 3.5 bloat.)
2. There's a natural phenomenon which occurs in long-lasting organized-play campaigns: groups of players, brought together by game days, get to know each other and eventually move their games out of public venues, running privately at homes. Less fuss, no time limits, even non-PFS house rules are possible in such a scenario; I know I prefer playing in a home. This does have the effect of reducing the *visible* play population, though.
3. Other campaigns. Obviously, Adventure League is here (D&D 5). Honestly, if I had Wednesdays free, I'd pretty much switch to AL (for reason #1). That's not to say I'd quit PFS, though - I have room for a few games, in theory.
4. I think over the long term that lack of meaningful campaign continuity - allowing so many characters, for example - causes loss of interest in the actual campaign or story; it's pretty obvious that folks play PFS to play characters and builds, and that very little concern is given to actual story lines. The fact I can play a Year 6 at 9am and then a Year 1 after lunch - with the same character - illustrates that PFS scenarios are "instanced", not "serial", with a few rare exceptions rewarded by special chronicle boons (like playing Rats of Round Mountain 1 and 2 in order). The most immersive organized play campaign BY FAR, "Heroes of Rokugan" (now in it's 3rd campaign), is "storied" enough that players want to play the same character through all of them, in as close to "order" as possible; it's uncommon to have more than a main and a backup character in the campaign. Such heavy investment in a character (the stories run 5 years, and usually about 100 scenarios) builds a small but very devoted following.
5. Serious players grind through scenarios at a rate exceeding production, and simply run out of play. Steam lost, they drift away. I know I went from playing/GMing scenarios 5+ times per month, to my current playing of about 1 scenario monthly and maybe GMing one scenario every 2-3 months.
Basically, in Atlanta we have slight net growth, since we seem (lately) to have brought in quite a few *young* players (college-age). We've also lost almost all the "original" crew, and a number of committed players simply finished *everything*, and have moved on to AL.