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Which is more profitable – an MMO with a monthly subscription or a free-to-play game?

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Free-to-play games generate more revenue than subscription-based games, even in the CIS region, let alone in the West or, God forbid, in the East. Look at World of Warcraft, for example; it's not just a coincidence that they have pets and mounts that can only be purchased with real money. In reality, in free-to-play games, with 100 players, you get something like this:
30 play for free, without spending any money.
50 spend around $10-15 per month (usually a premium account, which costs as much as a subscription).
15 spend around $25-30 per month.
4 spend $50 per month.
1 spends $100 per month.
If we take a subscription price of $10 and simply sum up the minimum values from the list, we get that a subscription-based game with 100 players will generate $1000 per month, while a free-to-play game will generate $1175. Yes, these are average figures, as there are those who spend millions, but the fact remains that the free-to-play model generates more revenue. Of course, we are talking about the CIS region, because in the West, almost no one plays for free, and more money is spent (take, for example, LoL, which has been mentioned many times on the forum; the only unique purchases for real money there are skins, everything else is obtained during the game, but the game still generates profit for the developers), and in the East, they even sell chat emoticons for real money (at a rate of 1 emoticon = 1 dollar), chat channels, and other nonsense that cannot be sold anywhere else. And, of course, we are talking about good games, not unprofitable projects that no one is interested in.
Siver's statement that it's not interesting to buy because you buy it and then abandon the game is fundamentally wrong. This may be true for a single-player game, but in MMOs, people come to play with each other, not to farm or buy gear. Buying gear makes it easier to level up to high levels and go on raids/participate in guild wars or their equivalents/engage in PvP. MMOs don't end with gear; they just begin. P.S. This information isn't just coming out of my head; I work in game development, and we've been discussing this for a long time.

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