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You're misreading the text. They're not claiming that CoD makes that amount of money per year. They're saying that people who played even a minute of CoD spent that much across the PS ecosystem as a whole.

It's a very risky industry. It's quite likely to sink a ton of money into a game and earn very little back, basically wasting everything. Game series that consistently make revenue are even rarer so they're extremely coddled while they last, though it is expected that eventually they will die, too. The rare successes cover the costs of the common failures.

Destiny from Bungie makes billions, but that's largely from the in game cash shop.

Destiny does not make billions. The estimates when Sony bought them were on the order of $200M/year.

That's a lot of DLC.