New game content tends to come in one of three formats: expansions, DLC, and microtransactions.
The difference between these terms though is rather loose and can lead to some confusion.
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What is an expansion?
A video game expansion is typically a significant amount of new content.
For example, a previously exclusively multiplayer game could add a single-player campaign as an expansion.
Expansions often include entirely new game mechanics or change existing ones to encourage new play styles.
What are microtransactions?
Microtransactions are extra purchases that generally unlock items faster than you would otherwise be able to get them.
The concept behind microtransactions is ostensibly to add a second method to progress in a game and unlock items.
Microtransactions are most common on mobile platforms, as part of a freemium system.
What is DLC?
All three of these levels of additional content have some value, although people may disagree on how much.
Adding extra content to a game after its release is generally a good thing.