I gotta admit like bungie what was the approach here with Kepler and Edge of Fate.
If we subtract the free portion of the content (the stat changes and tier system) then Edge of Fate has barely anything other than a few weapons and armour.
What confuses me more so is the fact while seasons exist the seasonal content doesnt (this was mentioned prior) but like This has legitimately backfired as a result, because now you either buy the DLC and find yourself in re-used asset central OR you dont buy the DLC and are stuck grinding existing content without any ability to jump into a seasonal activity like prior if you simply bought the season pass but not the DLC so its basically cough up $40+ to get new content or get non at all when prior you could simply buy a season for less but enjoy new content (to an extent)
Your player base has tanked by nearly 70% on steamdb for concurrent players and thats just insane, partly because TFS and the seasons were poor for most part.
But the fact you are crutching on Edge of Fate carrying you through till ash and iron season which will have an activity (from whats been said)
Edge of Fate having no activity will and has been your biggest mistake here because you are ignoring what kept the other players around and engaged (seasonal content) The raid will only be engaged by a small minority so that isnt a valid argument. there isnt a dungeon coming with ash and iron so less content again being available.
Then we mix in the portal activities literally forcing you to engage with that older content because no seasonal activity exists. you really F'd yourself by focusing all on one DLC here.
I can look past the 1 raid 1 dungeon approach but no seasonal activity with a lackluster DLC and thats mostly padded by free content update has basically F'd you big time. then the power grind resetting basically every 6 months. like why would take a play book from POE1 and POE2 with leagues. people will not stick around knowing there gear power will reset, just to be told "go grind again through the sloth of older content"
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You need to understand your fun isn't their concern. Only the maximization of your engagement to improve odds of completing micro-transactions is. Somewhat ironic how "The Secret Science of Gaming" written by, I believe, a former Bungie staff member perfectly describes where bungie is now