The problem is, that you have to actually produce something that people want read to sell copies and remain relevant.
The Guardian doesn't. It produces material which is relevant to a very small liberal elite. It also has a tendency not to ask that group hard questions why it is not being successful in gaining hearts and minds outside that group, preferring to see it as the fault of those who fail to see their inherent rightness rather than their own failure to offer anything attractive.
They are supposedly a left wing paper, but do not appeal to the people they supposedly represent - the working classes. They appear to view them with complete contempt and make no attempt to appeal to them or bring them around to their ideas.
Compare this to the left wing Daily Mirror which has seen one of the lowest drops in the general trend of dropping circulation figures. Probably done by actually remaining relevant, treating the reading public with less than contempt and addressing things which actually concern them rather than just haranguing anybody who doesn't buy into their narrow, elitist, increasingly unpopular worldview.
The 'Murdoch hegemony' is an absolutely irrelevant 90s trope too. The print market for news is collapsing, Murdoch's attempts to make his publications relevant online have failed absolutely abysmally (eg pay firewalls quietly shelved). Other news sources seperate from the print media dominate online often with a hugely left wing slant. Pretending that lumpen proles just go out and buy Murdoch papers and are brainwashed is yet another convenient yet implausible excuse for the left's lack of electoral success.
At the end of the day, if you don't say anything that people want to hear they won't pay to hear it. That's the Guardian's problem.