It's more complicated than that. If it truly did make more money in the long run, companies would be doing it. That they are not tells me they think there are significant issues with such a distribution model, such as: player buys first "game" release for $20, doesn't like it, doesn't buy further DLC pieces. Compared to, player buys base game for $60, doesn't like it, doesn't buy the 2-3 unrelated DLC to follow. It's likely that front-loading the game like that is going to make companies more money than trying a comic-book volume type of release.
AFAIK, most sales are done during the first months of a game's release. DLCs follow that trend of diminishing sales as interest in a game blows over. The point right now is about DLC made years ago that does not have discounts at all.
In other games from other companies whenever a new DLC arrives, older DLC and the main game have discounts in order to get new players. Whenever a new iteration arrives, the previous game and its DLCs gets generous discounts. This creates for me a very good impression, a sense of fairness, goodwill, and trust in a company. It makes me buy more from them and I become a happy long term customer. This sort of policy, together with other positive interactions, is what made me pre-order TW3.
As for BW? I don't like the way they're doing business, for now.





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