The failure rate for Moba's and MMORPG's is very high, so I wouldn't call them successful genres.
The ones that succeed seem to succeed based on constant updates, community involvement, and established franchises.
That. Pretty much 100% agreed.
So many MMORPG failures in the last 10 years its not even funny. I wouldn't call a genre where most games that are developed as premium / sub-based have to turn into free-to-play within mere months of their releases as "successfull".
The MOBA Space just lacked competition until now. With HotS and Blizzard entering that space, I guess many others will follow. And we will see yet again the same same churn of newcomers failing again and again save the ones that use proven brands (like Blizzard) and maybe fresh gameplay concepts to at least keep their games profitable for a while.
The one reason why WoW was able to keep afloat fo so long is simple. It was there when there was demand for a new MMORPG, it used a known brand to attract people (WC3 was all the rage at that time), and it had a quite well executed world at the time. Like facebook, its success was fuelled by a combination of sheer luck (being there at the right time) and some clever decisions... as soon as it had a certain critical mass, success fueled success. Old blood will not leave WoW as they have invested too much into it already, new blood will still pour in as there are so many existing players, making the virtual world more alive and giving a lot of community word-of-mouth free advertising power to the game.
But as conquestor said, Blizzard DOES invest a lot into upgrades and expansions. As much as I am NOT a blizzard fan, they DID grow the game considerably in the years of its existence. They are actively working on keeping their cash cow alive.
Coming back to Conquestors comment, I'd say at the moment one of the biggest "successfull genres" seems to be the arcade-sim, especially arcade-tank-sims like WoT. With Warthunder having released a Tank expansion and Armoured Warfare having moved into OB, there are now 3 competitors in a space that was vitrually non-existent 5 years ago, and many considered to be niche (real tank-sims, like all simulators, ARE extremly niche after all).
I don't think games in this genre will ever reach certain MMORPG or MOBA genre game like levels of success, but at least it seems that there is still growth in the playerbase in this genre whereas the MMORPGs and MOBAs must have reached their zenith long ago.
All comes down how you define success. Do you define it by currently active players (MMORPG are still strong there, as are MOBAs)? A growing user base (most probably no for both, even with HotS)? Successes in the E-Sports community (no for MMORPGs, yes for MOBAs)? A lot of successfull games (no for both, both are dominated by about 1-3 very successfull titles)?
Just looking at WOWs, yes, MMORPGs seem to be successfull (which led to everyone and their dog working on an MMORPG in the late 2000-noughties and many millions of dollars being lost in these projects).
Just looking at LoL and Dota MOBAs seem to be successfull (leaving out the fact that they are just extremly visible thanks to E-Sports and just much more accessible to play for many than for example MMORPGs because of short matches versus yearlong grinds).
Survivorship bias. Look at the failed examples to measure success, not at the successfull ones.
Then there is the question: why looking for successes? what do you want to read out of success? If you want to find out if you should move into a space because others seem to have a lot of success doing it, then you are doing things backward. That is the false assesment of the situation that led to all these failed MMORPGs more than bad execution. Trying to compete with a monopoly like WoW has it at the moment in the MMORPG space is a battle even big studios cannot win.
Best to wait for its inevitable death (at some point, even the most loyal player will loose interest and the game will just not look attractive enough to new players), and the time when the MMORPGs star is sinking again and it is not called a "successfull genre" anymore... THEN the MMORPG genre is ready for a new contender which might enjoy the same success WoW is doing now (IF this new contender is able to adapt to the new times, and does offer a new and improved MMORPG formula).