Video game IP's have evolved from just a hero and a collection of villains into entire worlds and universes that they inhabit. With the increased scope of IP's and the time and money now devoted to them, it's a great return on your investment to tell multiple stories in the same universe, especially if you're lucky enough to find one the public wants to experience over and over again. HALO, MGS, Warcraft, Half-Life, Fable, Elder Scrolls, and Fallout spring to mind as not just great franchises, but worlds that people have shown the desire to inhabit over and over.
I think this shift in focus from games to worlds is going to change the way the industry sees "sequels" and "spinoffs".
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