EQ had already been out for 5 years when WoW released, you fucking moron. That's why the sub numbers went down that far. How many games do you still play 5+ years after launch?
Counterpoint: EVE Online launched in 2003. It has grown in subs at a regular rate for 10 years+ now. People unsub and resub all the time, even 5 years later.
People don't get magically tired after 5 years. People will get tired after 1 year, 2 years, 5 years, 8 years, 10 years of playing.
Basically, you have four subs profiles in the MMO space:
- The outlier who started and is still growing, years later.
- Most recent offerings: huge start, 3 months to a year later, crash down to 20% of peak.
- Start, plateau after a couple years, then progressive decline when people get tired after N years of playing.
- And then, one game that started, grew, plateaued, then crashed hard and brutally lost 3/4 of its playerbase in a single year, 5 years after its launch.
That's what you need to argue against. The crash in subs is the hallmark of a bad game, or a game that doesn't live to its expectations. Rifts, Conan, Warhammer, etc. were all games that failed hard. People don't leave "en masse" a good game. A good game with its niche grows, plateau, and decline slowly when people get tired of it (City of Heroes, for example).
So there's really two ways on interpreting this.
The first is that EQ shows the same mark of being a bad game. It's just that its crash occured 5 years after launch instead of two months. So what's the difference between EQ and Conan or Rift? The answer is other games. When EQ launched, and for most of its 5 years of good run, there were very little competition, and most of that competition was flawed to one point or another. WoW came around, EQ crashed, and all the bad games that followed crashed immediately because WoW was already there.
The second is that EQ is a good niche game, but didn't really have a 500k-following potential. It had a 200k-following potential, and if it had launched along WoW, it would have gotten its 200k, plateaued, and then slowly dropped. It got to 550k peak because there was nothing else to play.
In all cases, trying to launch the same game, in a world where WoW and EQ both exist means a very, very small pool of gamers interested in the EQ-type niche. Most of the EQ-type players have already access to cheap alternatives (F2P EQ, P99). You have to convince them to come with something better, but you can't expect more than 100, maybe 150k tops, players, if you're really optimistic.
That's what investors are going to look at. They see a very small potential. And you then get into the deflating budget spiral: you might need a huge budget to get players, but the numbers don't support a huge budget, so you get a smaller budget, which attracts less people, and so on until you balance the two. And that point is all likely to be at the low end of a standard minor game studio, or more likely into the indie scene.