If they aren't doing any expansions going forward, then this game is officially on life support. People will probably stick around for the rest of the year since they already bought in. But after that? I don't see many people sticking around much longer.
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I felt it as soon as soon as I heard “D2: Frontiers” I had a gut feeling they didn’t know where the actual future lay and wanted to be ambiguous on purpose to subvert expectations, but now it makes more sense if they knew that no matter how commercially successful TFS was, this was still going to happen. No more big DLC/Expansions. No more new/original raids. An exotic mission here or there and maybe a dungeon or two (maybe none after the ones they promised as part of the deal with TFS). Just random episodes without a cohesive narrative or direction to tie things together or serve a big payoff moment. Slowly over time people will trickle out, as they are already doing now with another 60k players leaving over the last month, and the barebones structures will be left in place for hardcores to engage in. 10 year plan, they met that expectation. Anything else beyond that just won’t be worth the price I’m sure they will continue to demand.
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I remember aztecross saying a few old games he played ended like this, they slowly die & the addicts hang on whilst everyone else jumps. It's deffo going on lite mode until it just stops