Maybe people like to play video games for fun and can careless about winning or losing.
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Then you should know that both had large populations when Halo 3 was in its prime. If I remember correctly social normally had more players in it, but just because social had more than ranked doesn't mean ranked was a complete waste. Sometimes I felt like ranking up and trying to get that 50, other times I wanted to chill and play the game without worrying about losing that rank.
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I don't remember the exact number but recall social always being higher. I meant from a developers aspects it might have been a waste. To put the time into competitive aspect when there was more people in social compared to rank