Star Trek is in a weird limbo state. Most of the shows have been canceled, the long-gestating Star Trek 4 is nowhere to be seen, Star Trek: Section 31 was an utter disaster, the toy line they were so keen on failed, and they are all under the umbrella of a company that is struggling.
That said, they have two shows on the air (Strange New Worlds, Prodigy) a third in the works (Starfleet Academy), and rumors of not one, but two theatrical films on the way (Star Trek 4, Star Trek Prequel). All is not lost. The franchise is not as well off as it was heading into 2022 when it had five shows in development or on the air, but it's not failing. We went 12 years between Star Trek's Enterprise and Discovery.
We went 18 years between The Next Generation and Star Trek's original series. We've had worse stretches of time for Star Trek fans. We're not at the peak of the mountain anymore, but we're closer to the top than we are to the trenches, that's for sure.
The biggest issue that Star Trek faces is two-fold, with the first and most mature being Paramount's current situation. They're struggling financially and are merging with SkyDance Media to form a new group with, hopefully, deeper pockets. With more money available to make projects, the more likely Star Trek is to rebound from this down year.
The other issue, however, is less likely to see anything be done with, as it involves the leadership of Star Trek. Alex Kurtzman has proven that he's not the man for the job anymore. If ever was. As of right now, the only show that has been a steady hit has been Strange New Worlds. Every other show we've seen has been canceled and done so relatively prematurely.
His first film, Section 31, was an utter flop and has been reviewed so badly by everyone, warrants an immediate dismissal. Not just because it was widely panned by fans and critics alike, but due to the impact that's done. Section 31's failings may ensure no other Star Trek-streaming film is made ever again.
Star Trek can still rebound and find new levels of success, but it has to be careful about what it does next, and with who they do it under. With new leadership at Paramount, hopefully, that means new leadership coming to Star Trek.