Many of these "AAA" are glorified updates to existing games. But a big reason for that is the game itself isn't what makes it "AAA". It's the fanbase, or to a larger extent the online communities. They're the one's pushing dollars.
You have to purchase this update to keep pace with the community. I mean face it, be it MW, Halo, CoD or Madden, what have you, without the community, those games wouldn't have nearly the sales potential that they do. Online play has drastically driven the direction of innovation or a lack thereof.
MMOs are kind of a counter-point example of the same principal. For instance the amount of different MMOs and the different evolving pay structures or F2P, all represent a crazy saturation in the marketplace of that genre. But for the most part, they are all exactly the same experience. Why else is WoW, a game that's been around for a decade now, still the leading MMO in the marketplace? The community.
A lot of industries struggle with innovation, because what works and drives dollars, is still working. To a lesser extent, there's a technology barrier that generally has to be seen in a longer scope than 'quarterly' or 'yearly', or even 'next gen'.
When some fully immersive VR becomes commonplace, you'll see the methodology of game concept, design and story telling will also change.
All media is like this, TV, cinema, animation, even the News. Without, we wouldn't have the perspective to cherish true diversity.
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