Whereas most FromSoftware received two DLCs, Elden Ring will only get Shadow of the Erdtree, FromSoftware president and Game Director Hidetaka Miyazaki confirmed to the Chinese website Campfire Camp, thus effectively denying previous rumors of a second expansion slated for 2025.
It is the first and last DLC. We have no plans to add more content to Elden Ring. [...] FromSoftware's style of doing things is that it generally does not allow the future of an IP to be easily locked, so it is better to leave some possibilities. But as far as "Shadow of the Erdtree" is concerned, it is the only DLC.
Miyazaki also explained why that is the case:
Elden Ring emphasizes the exploration and adventure of the big world. In order to provide such an experience, a vast and huge scene is inevitably needed. Therefore, instead of splitting it into several parts, it is better to simply make one big. If they were sold separately, the freedom of exploration and sense of adventure would be reduced.
It took FromSoftware over two years to make Shadow of the Erdtree, so the DLC must be meaty indeed. In the interview, Miyazaki also said some of the mysteries left unsolved in the base game will be answered in the expansion, although he can't guarantee that fans will obtain a greater understanding of the overall story.
Players will, however, encounter many new characters. Some indirectly known characters, such as Mikaela, will certainly still be present throughout the story. Furthermore, Torina will also appear in the DLC, and the relationship between the two characters will be shown in a better way.
Shadow of the Erdtree is scheduled to launch on PC, PlayStation 4, PlayStation 5, Xbox One, and Xbox Series S|X on June 21, when players will be able to dive into the Land of Shadow to face its ten new bosses while wielding eight new weapon types.
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