That's according to studio director and Elden Lord, Hidetaka Miyazaki, who explained in an interview with The Guardian (thanks, PSU) that FromSoftware is more likely to work on multiple smaller projects than to create ever more expansive game worlds:
"Budgets, scale, scope, everything has grown to a point where room for failure isn't tolerated as much as I think it was in the past... Where FromSoftware is right now, in terms of scale, I would say Elden Ring is really the limit. We've tapped every resource and talent that we have access to. Scaling it even bigger, I'd have my concerns. Perhaps having multiple projects is the next stage, where some of the younger talent can have the opportunity to manage and direct game design for a smaller project."
In addition to being FromSoftware's biggest game, Elden Ring is comfortably its best-selling, managing some 25 million sales before the launch of the critically acclaimed expansion, Shadow of the Erdtree, which predictably resulted in millions more purchases in its own right. As none of us are getting any younger, we are pretty comfortable seeing FromSoftware draw the line somewhere, and if that means a quicker release cadence, then you won't hear any complaints from us.