Try a hundred plus times less numerous, and twenty times zero is zero.
Realistically, spending falls on a spectrum, and "whales" are the tiny tip of that distribution.
The reason subs have been largely replaced by FTP models is not necessarily because FTP models are more profitable, it might simply be competitive pressure. If FTP really made more money I have no doubt Blizzard would end their sub fee and start stocking the store. They'd be fools not to.