Yes, the AA page on elite status says:
Earn EQMs, EQSs and EQDs during the calendar year to qualify
Most frequent flyer programs are the same -- you have to fly a lot of miles during the year, every year. Air Canada's top tier requires 100k status miles. Some airlines have a lifetime award if you pass a million or more status miles, but that ...
If that's right all the Exec Platinum members are spending $15,000 + flying 100000 EQM's every year to retain their status?
The clocks resets on Jan 1 every year and you need to start accumulating from scratch every year. You maintain the top status you reached in 2019 for all of 2020, but the accrual starts at 0 on 1/1/2020. There are no carryovers.