Longer every doesn't mean shit when your players all leave after a year. Your proposal only works when the original game is amazing, which destiny, isn't.
New releases build hype, dlc doesn't do that nearly as well.
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Actually its worked in many games and they still have a large enough player base, and the game isn't crap it just isnt massive enough to continuely grasp your interest over a long period of time. More content, raids, cosmetics customizationsn etc would bring about a new life to this game like you wouldn't believe. Its all about deployment and driving the hype train.