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Has a fighting game sequel ever launched with so few new characters?

Yes. Street Fighter 2 with only 8 base roster. MK11 has over 25. Welcome to the future.
OP asked about new characters. Every fighter in SF2 was new except Ryu, Ken, and Sagat (if you're counting non-playable). OP is referring to only 3 new characters in MK11 - Geras, Cetrion, and Kollector. I think it makes sense for MK11 though. It seems like they're really focused on the story and relationships between the characters, so from that perspective it doesn't make sense to introduce new people unless they can fit into the story in some significant way.
 

Law Hero

There is a head on a pole behind you
For a game with only 25 characters and a story that's about past meeting present, 3 is kind of a lot. Even then, Skarlet is pretty much a new character since this is her first time (apart from the comic) being story-relevant. I have no complaints.
 

Corruption100

Plus Frame Enjoyer
Have you seen the bitching across the internet about old characters being on the roster? All the mk community wants is their old mains anyway. Hell people want to pay for their old mains to be in the game. It's just not in nrs best interest to make a large amount of new characters. The kids got shit in mkx, and im sure these new guys will quickly get shit on too at release.
 

zerosebaz

What's the point of a random Krypt?
3 is alright. I wish MKX had only 3 or 4 newcomers. But to answer the question, yes. SC3 had only 3 new characters, and SC4 only had 2(although it also had the Star Wars guests). Not sure about other fighting games.
 

Pizza

Thrill Kill
For a game with only 25 characters and a story that's about past meeting present, 3 is kind of a lot. Even then, Skarlet is pretty much a new character since this is her first time (apart from the comic) being story-relevant. I have no complaints.
This.
And Cassie, Kotal, Jacqui, D'Vorah and Erron Black are still fresh, so they're kinda still new to me lol
 

IceNine

Tired, But Strong
Damn, beat to the MK9 punch. That game had one new character, and it was Cyber Sub-Zero. One of the most iconic old characters, but a robot! Not exactly the freshest newcomer. And folks will call it one of the best rosters in MK history, so I think this isn't the right neighborhood to look for camaraderie in distaste for a lack of new faces.

That, and I think that ever since MK4, arguably MK3... half the new characters in a given MK title tend to fall a bit flat anyway, lol.
 

Metin

Ermac & Smoke Main
According to Twitter;

Cetrion looks like; Poison Ivy, Tremor, Swamp Thing, Cosplaying mom etc..
Kollector looks like; Scare Crow, Reptile, Goro, Ermac etc..

Don't argue with the confused people..
 

SaSSolino

Soul Stealing Loyalist
2/3 is the perfect number if you ask me. MKX had way too many, and you could see there wasn't enough space for them in story mode, which is why Jaqui and Kung Jin felt so boring.
 

xXRagingFlameXx

I'm a bad bitch, you can't kill me
MKX: Takeda, Cassie, Jacqui, Kung Jin, Erron Black, Kotal Kahn, Ferra/Torr, D'Vorah.

Fans: "OMG THERE'S TOO MANY NEW PEOPLE WAAAAAH"

MK11: Geras, Cetrion, Kollector.

Fans: "OMG WHY AREN'T THERE MORE NEW PEOPLE WAAAAAH"

The roster is fine. Let them expand and develop the characters we have first. I'd like to get to know the people introduced in X and 11 more without half the cast feeling like an after thought in the story.