Michael Pachter has said incentives to put DLC on the disc from before the game's launch is "plain greed".
"I think that DLC has been so successful that publishers are trying to get a jumpstart and if you put it on the disc, it allows them to unlock it when they feel like it," said the Wedbush Morgan analyst in the latest episode of Pach Attack.
"A few years ago, we didn't see DLC for typically six months after a game launch and I think it was Red Dead Redemption, but I think Take Two kind of pioneered and launched DLC like a month after the original title and it was super successful. Now you're seeing a lot more guys do it yet."
Pachter went on to even suggest that should anybody crack the code on a game that features DLC already on the disc, they should be entitled to the contents of that DLC without paying when it eventually does become available to all down the line.
Some guys get it right, some guys take a long time to get it out. Putting it out on the disc allows the publisher to determine the optimal moment to launch it," he said.
"All DLC is great. Games are getting shorter, DLC is keeping people engaged, it's a profit deal. I don't think it makes much difference how it's delivered."
He continued: "The stuff on the disc, some gamers feel entitled to because they bought the disc, so they should have a right to anything that's on the disc. And that's a dicey one. You actually do own the disc and I think, theoretically, if you could crack the code on the DLC, you probably would be allowed to access it without paying.
"And I'm not even sure that's stealing because you did, in fact, buy the disc. That's about as close as you can get to legal piracy."
Watch the full episode of Pach-Attack below. The DLC stuff is from 4:04.