The festival is Destiny's attempt to keep players that they're losing to Halo. Warframe came out with a major update this week too in order to keep players. Bothe are limited time events.
I'll be back on Destiny when they have actual new content.
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I don't think the festival is their attempt to do that, otherwise they'd have random stuff like this prolonged after Halloween. Nothing is stopping people from dropping the game Sunday when this all goes away.
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Limited time content gives people more of a reason to keep playing than content they can come back and play anytime.