That has been the experience of religious SW broadcasters, too. World Radio Missionary Fellowship, operators of HCJB in Quito from the 1930's onward, found that working to help set up local stations began to be the most productive road as far back as the 80's.
That was also the experience of other shortwave broadcasters targeting Latin America, such as Trans World Radio and CVC La Voz, who found that the shortwave audience had disappeared. These operations switched to providing program content for distribution on local stations.
When Quito's new airport required moving the huge transmitter site at Pifo, Ecuador (complete with their own hydroelectric plant), the ended up downscaling almost totally leaving SW only for "talking" to nations that would not allow private radio, such as China, North Korea, etc.
HCJB now has only one shortwave transmitter in Ecuador, a fairly recent 1kw unit on 6050 kHz, broadcasting in Spanish, Quechua (Runasimi) and other languages of the Andes Mountains. I believe it is the only SW broadcast operation left in the country.
HCJB Global was renamed Reach Beyond some years back, and still operates an international SW facility in Australia, targeting various audiences in Asia. It is the only international SW broadcaster left in Australia, following the demise of Radio Australia on SW in 2017.
In the rest of the world, they developed "packages" that involved technical assistance, actual hardware, assistance in getting licenses, and content. This gave them a local voice in hundreds of locations at a time when shortwave was dying or dead.
HCJB Engineering actually used to build its own shortwave transmitters at a plant in Elkhart, Indiana. These were marketed specifically for religious broadcasters. I think these transmitters tended to be rather old-school designs, without many of the bells and whistles of the major manufacturers. With the decline and demise of shortwave, they no longer build transmitters, but do offer consulting, planning, and help with ordering from established equipment vendors.
HCJB Engineering is now called Sonset Solutions. More info is here:
https://sonsetsolutions.org/ Technical services are under "Projects" in the dropdown menus. Company history is under "About Us."