The reason WoW may be losing subscriptions is because WoW, like all other video games, is something to do. When people find something that they like to do more, like League of Legends for me, they do that. When I first discovered WoW I stopped playing Xbox for about 8 months because I had found something I like to do more.
Ultimately I believe that there are alot of things to do in this world and playing WoW is only one. Its not for everyone and the people that like it now may not like it forever. But I believe enough people like it and will continue liking it as long as new content comes out and the servers are up.
Just my 2cents.
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