For 10% of the player base to be responsible for 95% of Bungie’s revenue in Destiny would mean the free to play player base would be massive in comparison to those that buy expansions and seasons.
As is we get one, maybe two Raids a year, and the streamers don’t leave in droves once they got their loot a month in. They’d routinely leave if PvP was removed, that’s for sure. As there is only so much PvE content, and people are only gonna watch you play a strike so many times. But even without Raids that 10% would still buy the expansions, the seasons, and likely some silver from time to time.
If Raids were scaled down to a 3-person Dungeon with the same loot, more people would participate, and while streamers and others in that 10% would be disappointed or upset that the 6-player Raids were done away with, the majority of the player base would at worse not care, but at best enjoy it being a 3-person activity. In fact an expansion would feel like it had more value, because they wouldn’t write off “includes new Raid” as something they won’t see or do.
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