It's an old game. People have moved on and become invested in other games or simply stopped playing games in general. On top of that the newer generation of gamers are far more likely to be console players as opposed to PC.
When EQ was at it's peak it still needs to be understood that a large portion of those numbers were maintained via a constant revolving door of new players coming in. For a fair amount of time that number matched and even exceeded the number of players leaving, but for the most part we're still talking about people who played for maybe a month or two and either did not like it or realized they did not have the time required to sink into it. The amount of people truly motivated by a heavy sense of nostalgia is actually quite small, and if you do not have that motivating factor it's extremely unlikely you're going to give p99 a try. At the very least I would say you're JUST as likely to simply give the current version of EQ a try rather than seek out this Emu.
While it's relatively easy to acquire and access p99, the fact is it's still more difficult than simply picking up a disc at Target or buying a download off the official website. There are rather specific avenues for acquiring p99 that many simply do not trust or don't feel like using.
If p99 had the same ease of access and the same consumer confidence the official game had, I think you would actually see it flourish into a far greater competitor for players than it already is currently. I dare say the result would be an inability to house all those desiring to play on a single server at that point.
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