agreed. the counter-issue is there would be dev-time involved in rebuilding metadata, though obviously much less particularly in the area of art assets (practically nil there). Also there is no precedent for ATVI leasing its games in its own markets (na/eu), though as you note that would solve a lot of this.
the game divergence to a per-user revenue enhancement effort (and designed around same) is not surprising given public statements by kotick and others on how they look at this, even as far back as 2008. This is my key concern, btw. It may be everyone, at the personal level, in the decision loop thinks classic servers would be really neat and they just don't happen for corporate/culture reasons - it would be the most inaccessible atvi game since pitfall (3 alligator screens).
also, kotick's comments about when he first heard of wow, etc., implied to me he didn't 'get' what hooked mmo players into continuing to maintain active subs. I may well be wrong here since his comments are a small data set but I think he saw a game intentionally self-limiting its market, rather than a game with an almost optimal balance between player engagement/tuning/pacing and accessibility. Would he and his mgmt team green-light a real classic server project, rather than a watered-down theme-park type version targeted more at their current playerbase's tuning expectations?
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my efforts were mainly informed by the 10q's from 2009 (specifically last the9 full qtr, last the9 partial quarter, the quarter with 2.6months of no china and 0.4 netease, then the first full netease qtr). there was a definite change in revenue (which was essentially sustained subsequently) which seemed primarily attributable to this change. while per-sub royalty value could very well be 1/20th, netease is/was also paying a separate royalty apart from their sub activity royalties and that may have dragged the overall value up a good bit.
it has been years since I looked but the revenue drop off the9 (granting some drop in western subs too and the box sale spike, though deferred revenue can sort a lot of that out), then the even large spike up when netease came online, implied a much higher NET per-sub revenue level than 1/20th.
parsing netease's filings is difficult as the cc's are only partially in english and typically very few folks on call anyway and they do seem to be under some restraint in discussing wow number specifics.