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For many reasons mmos are simply a dying breed.
1. Developers catering to casuals have caused mmos to become too boring and too easy. People need to be challenged as well as having fun. Developers worrying about business models rather than actual quality of mmos have become a big issue. MMOs need to stay niche and get away from the mainstream to have any long term success. WoW is the only exception and I doubt we will see another like it anytime soon.
2. It is simple, single player games, MOBAs, single and multiplayer shooters and rpgs, even rts games sell better and are more popular than mmos. They are more appealing to gamers than mmos for multiple reasons. These games are not on easy mode, they are actually challenging and they are just so much more fun to play. Examples would be, DayZ, Starbound,Rust, League of Legends, Dota 2, Starcraft 2, Mass Effect series and The Witcher series.
3. The Minecraft Effect. It is fun, easy and the most implortant reason I think Mincraft is so popular is because people want something differet. They are sick of the WoW clones so they need to break away from a mmo genre that is literally filled with developers copying one another's ideas with a different skin.
4. Publishers ruining mmos. They are far more concerned with quarterly earnings report than the quality of their game they are publishing.
5. Hype from the media and fans have literally killed mmos. Every year we hear the same old song " A great year for mmos is coming ". Fans and the media hype this genre so much they blow the expectations ouf othe water. MMOs don't even have a chance to succeed even if is a good mmo thanks to so much hype cause by the media and fans.
My final thoughts about the genre is that the genre for all the wrong reasons have changed. It has always been about the almighty dollar and still is but it has gotten worse. No we have free to play games with a ton of microtransactions for a pay to win sysyem catering to casuals. I think when you make a mmo you make it for mmo players , you do not make it for people who could probably care less bout playing mmos.