I don't really think so. If the content could be contained I doubt there would be significantly more paying customers. It is wrongly assumed IMO that those who view the freely shared content would pay otherwise. The reality is that those viewing it that way largely value it at or close to zero or they have time to hunt it down but not money to pay for it. That is if they had to pay for it, they just would go without it instead.
I completely agree.
They essentially have almost no advertising and definitely do not have an affiliate program, and they compound that problem by sticking with a website platform that was built in the year 2001 and that's never been modernized or updated to keep up with the modern internet, which has massively and rapidly evolved in the 13 years since then. The days of simply putting up a website featuring a hot model and doing nothing else and still having it succeed have been over for years now.
They have no mobile platforms, nor anything optimized for smart phones or tablets, which so many users and their resulting traffic is migrating to, and they also no marketing plan other than word-of-mouth, so it shouldn't be surprising that they are having trouble. What's more surprising is that they have actually lasted as long as they have, given all that. It's a testament to Milena's awesomeness, IMO.
To be fair, there's a lot of sites on the web that have followed the same blueprint to eventual extinction and who short-sightedly blame piracy as the culprit, but that's not the real reason they are having trouble. Piracy is a serious problem and definitely shouldn't be ignored, but one cannot lay blame solely on that when there's literally so many other far more important things they could and should be doing, but are not.