I would not watch referral traffic fall and only post about the algorithm. Small publishers felt this before AI: platforms keep more users on-platform. Your fix is diversification, not a rant thread.
One traffic source is a trap. Always was.
Measure the real damage
Is revenue down or just top-of-funnel vanity?
Which referrers died: X, Facebook, Reddit, Google Discover?
Which pages lost visits that actually converted?
Build owned routes
Email, RSS for power users, direct community if you have one, and search on topics you can win — boring channels, but they still work when a platform decides your reach is no longer free.
Adapt formats
Some traffic shifts to video, newsletters, or tools.
Repurpose, do not only rewrite blog intros.
Cut costs if needed
Traffic drops hurt more when hosting and tools are bloated.
Match burn to realistic views.
Referral decline is a forcing function. Publishers who survive treat their site like a business with multiple front doors, not a single social account with a blog attached.