generally speaking the population has been on a steep decline, regardless of the fact that large portions of the playerbase have begun to head back to school. Even when this was the case 2-3 years ago, the player-base maintained a solid number of about 2.5-3k people online at one time. While there are many factors that can attribute to player count numbers dropping the most obvious of them would be the departure of a lot of the original players that played this game. On top of the fiasco we've been having in terms of content and player dissatisfaction, as well as the negative wrap that the staff team has gotten over the course of two years it is no surprise to see the game slowly die off.
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While this is generally true, successful games can continue to last and grow for a long time, WoW is a perfect example of this as the player base has only gotten bigger with almost 6 million daily users.