Is the MMO sub model outdated?

[Pixela]

It's shocking to me how little money XIV has made given it has a cash shop, a sub, expansions and they keep saying they have millions of players. I think the problem is how expensive development is for that game, given the high burn rate due to it being aimed at more casual players.

Also all the money XI makes ceased being counted as its own entity and was merged with XIV many years ago, XI profits are now counted towards XIV and have been for over 6 years. If you check financial reports XI stopped being counted then.