Yes, the market is smaller. That's almost self-evident, since subscription MMOs are a subset of overall gaming. The numbers are different. It's a lot easier

Yes, the market is smaller. That's almost self-evident, since subscription MMOs are a subset of overall gaming. The numbers are different. It's a lot easier to create the 5th best MMO than to create the 5th best game of the year. If you spend $100K on your MMO and it ends up 5th best, you're happy. If you spend $50 million, you're not. None of this implies that the subscription-based model itself is broken.