They would be (and already are) earning income, from people buying the game, expansion, and mogstation 'content', what is the purpose of the sub at that point?
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Could it be that with paying for a sub, there comes an expectation. Not for server access, but rather a constant flow of content. A patch cycle that Yoshida has rigorously tried to maintain, even through Covid?
That without paying for said sub, we wouldn't continue to get a patch cycle as such. Rather, we would see a decline in content?
Well, there is a predictable release cycle of content patch, with some of the main contents of the expansion being known, allowing you to decide when you want to subscribe. Beyond that, the game doesn't advertise any specific content with your subscription, not even with your expansion purchase beyond what they reveal in the fan fest or other official announcements prior to the release of an expansion. So you get raids, alliance raids, dungeons, MSQ, trials, and beast tribes (plus various features specific to the expansion). You know exactly what you're paying for and what you're subscribing for. If you expect something other than that, that's on you.
As for whether we'll get less content if people stop subscribing, guess we'll never know unless it happens.