(sorry for the long post. I didn't intend for it to be this long. I've played Starcraft 2 and thus followed Blizzard fairly closely for a long time now so it's something I have more thoughts on)
It's hard to say. Blizzard games are still quite popular and have a diehard audience that would go to an event like that, especially if they went back to having tournament finals at it. The fact that events like Tennocon still exist and do well suggest that Blizzard could put on Blizzcon-like events, even if they were more modest, and probably draw a crowd since they also have a heavily devoted audience. This being the first year under Microsoft ownership and what I imagine are a lot of changes behind the scenes happening also making a Blizzcon probably a lot more work than normal too. I could see them coming back next year once the ship has settled back on course a bit and their direction under Microsoft is set.
On the other hand though, Blizzard hasn't really put out a true hit new game in approaching a decade now. Most of their current games are coasting on their popularity and from what I've seen, not really growing all that much. The other thing here is that the competitive Blizzard games already have in-person competitions that replicate a Blizzcon-like experience for the hardcore fans (IEM, etc. have events that Blizzard games are still part of. Despite fewer people playing Starcraft 2 than a few years back, the game still gets great viewership numbers and as a result has been a fixture of all of the big competitive game events for a long time now, for example. This is unlikely to change any time soon). When these competitive games were more popular, often their end of year final tournaments would take place at Blizzcon. Blizzard eventually stopped making the efforts for this to be possible and as a result the tournament holders do their own things instead.
The giant question mark here also is Microsoft. Under Microsoft, similar titles like Age of Empires 2 have had a massive resurgence in popularity after getting support from Microsoft to be developed, run tournaments, have dedicated online infrastructure, etc.. Given that most of the main online Blizzard titles are more popular than AOE2, even a small-to-moderate investment from Microsoft could help them out a ton and bring Blizzard games back in a big way. Before the potential Microsoft acquisition and after Morhaime left, Activision management were basically neglecting Blizzard and were putting the squeeze on them and their continued support of their online and competitive games since those games didn't make Call of Duty or Candy Crush money. During this time, Blizzard's contributions to prize pools and support in their competitive games dropped massively and they were being forced to cut back on the in-person and online events that catered to their hardcore audience. Activision were fully in squeezing water from a stone mode with Blizzard and trying to force a shrinking staff to support their games while spending the bare minimum to maintain or patch them (for example, SC2's multiplayer ladder was broken for a huge amount of time and most APIs related to the game didn't function for a long time. This has now been fixed). This approach started to change around the time Activision started being looked at for sale to Microsoft since ABK wanted to make their portfolio more appealing. As an example, after several years of neglect, suddenly the sole intern keeping the SC2 servers from imploding got budget to actually fix the myriad issues with the game's online service along with other other meaningful things and as a result the game has had several balance patches that have been hugely popular which has brought back a lot of players and attracted new ones. I'm now a WoW person, but from what I've heard, the community has been relatively happy with how things have been handled with the game lately as well compared to a few years back. The games started doing better once they stopped being starved of funding so if Microsoft keeps this up, there is the potential for them to make a comeback.
Blizzard's games are still good and with the right investment, I do think the company could make a comeback. They're no longer the neglected middle sibling of ABK and from what I've read, substantial change has been happening at Blizzard. It's been enough that people like the oldschool streamer Day9, one of the people who popularized Starcraft 2 (and Hearthstone) and in a way Twitch-style game streaming in general, has ended his 5+ year boycott of the company (he boycotted Blizzard after all of the bad news came out about Kotick and awful things going on at Blizzard came out. He knows lots of people at and around the company so he must have heard enough good to change his mind).
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