World of Warcraft has been declining in recent months, down to 7.7M paid subscribers, and questions have been posed about what the next Blizzard MMO would be, and what the status of Project Titan is. Blizzard boss Mike Morhaime has confirmed that Project Titan has been overhauled.
During an investor call, Morhaim stated that resources were indeed pulled from Titan, but it's still in development after being overhauled. He also mentioned that Titan was "unlikely to be a subscription-based MMORPG" and that the develop was trying to figure out what "new direction" the MMO would take.
The investor call revealed that Blizzard's revenues dropped 65% year-to-date, from $634M June 2012 to $224M June 2013. Blizzard's operating income was even more drastic, dropped 84% year-to-date, from $371M to $60M.