Rubies of Eventide MMO Shutting Down?

Bruha writes "Over at Rubies of Eventide Warcry it has been announced that the fantasy-based PC MMO Rubies of Eventide will be shutting down operations in December unless they can find some way to pay the bills. The owner of the company sent out an announcement where he said those paid up to that point will be receiving refunds and pointed out that they just did not have enough players anymore to continue: 'Our customer base continues to decline; as of yesterday we had only 806 paying customers (we lost another 41 over the weekend).'" Are there just too many MMOs out there, thus spreading players too thin, or are these problems down to the state of this particular game?