Why it matters: Thanks to the phenomenal success it experienced in the weeks following its launch, many thought Apex Legends would dethrone Fortnite as the king of the Battle Royale genre. But a new report suggests that's not the case---at least when it comes to Twitch views.

According to a report by StreamElements (via VGR), Apex Legends was Twitch's most-watched game within its first week of launch, reaching a peak of over 40 million hours viewed in a single week. At the same time, Fortnite dropped to below 20 million hours in the same week.

But the figures didn't stay this way: Fortnite's views soon returned to 22 million hours per week and have stayed there ever since, while Apex Legends has been in a steady decline. Respawn Entertainment's title dipped below Fortnite in early March and now commands just over 10 million. That means Apex Legends has lost 75 percent of its peak viewership.

While Twitch views aren't a direct representation of how people are playing a game, or how much money it is generating, some financial analysts believe the apparent waning interest could negatively affect publisher Electronic Arts' stock.

When Apex Legends arrived, EA paid streaming industry leader Tyler Blevins, better known as Ninja, $1 million to play and promote the game. Other top Twitch streamers were also paid to bring attention to Apex Legends, but many of the most prominent figures no longer play it, while Fortnite remains as popular as always on the platform.