You are more correct than you realize. The greed came when they decided to start decreasing the quality of the content in order to increase their profit margin. It’s a stupid idea, because as you decrease quality, you decrease player engagement and cash flow. They invent these cheap marketing tactics to combat the profit loss, and it never works for very long. They’re taking the “cheap Disney cartoon low budget sequel” approach. The decision makers don’t understand gamers. They think we’ll buy whatever crap they churn out. They’re finding out that isn’t the case.
If they would invest in their product and improve quality, they would spend more now, but they would build up player retention and improve the revenue stream for years to come.
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For me the issue was always Bungie my way or no way and the players got sick of it. The whining lead characters in the last expansion did not help either. Players want to have fun when they log on and that was long gone.