Despite the word being on the game's name, Red Dead Online is far from dead.

According to Take-Two Interactive's CEO, Strauss Zelnick, Red Dead Online is still alive even though it hasn't gotten an update for over a year.
Unfortunately, this does little to induce excitement in RDO's frustrated player base, which Zelnick made worse with what he said to IGN in a follow-up inquiry, drawing the ire of fans. Zelnick added that while Take-Two will support Red Dead online long-term, he was simply "referring to the online servers". IGN added that Zelnick clarified that Rockstar Games is in charge of all future content updates.
It's a shame that Zelnick didn't have more exciting news to share about Red Dead Online. Even if it isn't as successful as Grand Theft Auto Online, it still has its fair share of fans. Not to mention, Rockstar should know better than to "give up" on a game that wasn't good at launch. The least that the studio could do is to give Red Dead Online a fighting chance by adding more content to the game consistently. Unfortunately, with so much going on over at Rockstar right now, we don't think that the studio can spare the manpower.
As per the latest earnings call, Take-Two revealed that it had 69 games in the pipeline. We have no clue if this includes the rumored remake of the original Red Dead Redemption.