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I'm quite sure people that don't spend thousands of dollars (or even a penny) on microtransactions aren't the minority.

Indeed the non spender is in the majority.

"Whales" - the term for those spending thousands - although few in numbers, are the ones accounting for most of the profit.

Yeah, it is "whales" that support those games. The business model is to attract and retain people who pour money into the game for whatever reason.