the argument hidden away from the graphs are that wikipedia went from 1.4 billion page views in 2005 to 16 billion pageviews in 2019, which is far from matching the growth in spending.
Not mentioned is that WMF is now hosting highres images and video.
I still don’t comprehend wtf they’re spending all that money on. It’s a crowd-sourced text website. I stopped donating because they do literally nothing at all to curtail activist editors.