Server merges doesn't increase the number of players. Its still the exact same number of players, and the exact same issues that drive people away. They aren't going to make any more $$ than before. Those issues needs to be fixed, and lack of advertisement addressed before GF will see more profit. And they need to calm the current disgruntled population, because new players aren't going to stay when every older player tells them how much this game sucks, etc.
And hopefully, GF hires a new marketing team like they hired a new IS team. Because the current one thinks that advertisements for this game should be like a game of hide and seek where you'll have to work extremely hard to find an Ad for this game. Sorry, but that's just ridiculous. If all the people on the forums have a hard time finding ANY ads for this game, you're doing something wrong.
While your point is true the premise behind it is a bit off and I'm inclined to disagree.
...Why, you may ask?
Because part of the issue is the dwindling problem of people on each server. Sure, Reni, Osha and Artemis are (somewhat) populated, but the others, not so much. A new player might come in, go to login to Grimdal, get to Varanas, notice one other person and log out. Trust me, it's almost exactly like that. If they had logged into Reni, or Osha, they might have had a fighting chance, get to Varanas, see 10 different people and say "oh, this game is populated somewhat". Not to mention the frequency of World Chats and the attitude people put into them.
World shouting "this game sucks", or "fix the lag", or "shape up GF or I'll quit" like I've seen so many times...new players look at that and go "damn, game must be in poor shape, better get out now before I become addicted and spend countless amounts of time and money like these poor souls".
Now, if Grimdal was absorbed into another server, the person would login to the server and see 10 people and have a fighting chance to say "man, this game is populated, better stick around". And then, we might actually see the "Load" say "heavy" and in yellow text like we saw some years ago.
But, the problem is not just that. Advertising. Frogster did tons of it. Almost every issue of my PC Gamer I used to get back in the day had an advert or two and most of the time it would give you a code for a free starting package, which usually consisted of a 30 day mount, some sort of pet box (with no additional benefits), some refining runes, some level 5 or so blue equipment ( that you could potentially keep for quite a few levels), transportation materials and a few God's Redemption tickets (before the Newbie Pet handed out the Atonement Vouchers like candy). Now? None of that. Gameforge does not share details of upcoming content releases. If or if not they're shared "Oh, you're getting this with the next content update" from RW point is moot. The last huge hype we for a release were when Elves were upcoming. Chapter 4 might have had a huge hype but it wasn't heavily advertised. Additionally, the patch notes are ALWAYS vague from RW/GF enough to the point that players have to assemble notes about what they think/found was changed. that's bad.