Bungie have changed their mentality, they'd rather have 5% of the former population, as long as they're all elitist asshats that feel special in a very easy to play game, they wantt streamers, streamer wanabees, and elitists, as long as they're buying toasters, jackets, wooly hats, soundtracks, emblems, headbands, gloves, socks, underwear, and like everything DMG virtue signals on twitter.
They're creating a safe space bubble for themselves and their little back patting community, applauding each other at every turn.
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Pretty much this. Having a really high-horse elite, and a constantly rotating cannon-fodder playerbase (That might also leave a few dollars here and there), all the while having streamers constantly lick Bungie's danglers is really raking in the money. Whale tactics are big for dying games.
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I play a lot, often on new accounts, I spend lots of time in patrol etc and there's vast amounts of new players endlessly, but overall numbers never go up, it's just a rotating door of cannon fodder, you're bang on.