I think there was a bit if reasons to why ranging from problems with the label to them not being invested in by the label, to Ville himself not wanting to. The guys a real artist but hes never been real big on releasing content fans hadn't seen before. I thought LMA V1 was great at the time it came out but not so much now. Why? Because every piece of footage included was taken off a TV broadcast or other DVD including the audio mixes, with a few of the clips looking and sounding terrible (maxidrom 03 and the Berlin show). I would have loved to hear these gigs in proper form with the soundboard audio remixed to sound like an official release. I'm willing to bet the band at least had access to the stem tracks for mixing but the question of money probably came into play. Everything HIM did in terms of collections after 2004 was a little half assed in my opinion. The latest thing we got was the vinyl box sets and to be honest, the extra tracks were kind of lame with the exception of the Vinnfox relics. Personally, I like to believe that ville or seppo has hours of content recorded by the band stores in a hard drive somewhere and maybe one day we will hear it. I loved all the live songs on the Dark Light singles and would always love to hear what those recordings would sound like.
You're right on the money with them having enough content for a Volume 2 release especially during the dark light era when companies like MTV had them on. During 06 onwards I'm sure Helldone was recorded annually so there's probably some great missed opportunities there. And as we know there was 2 nights at the Orpheum that were spliced together for a DVD but I'd still wanna hear the content that didn't make it even though it was the same set list. For the screamworks era, I'm sure festivals were recorded. For the Tot footage, I'm sure theres gigs that were distributed on YouTube that could just be touched up. In short, you could not be more right when saying they have content available for a volume 2
The other part of me just thinks the band doesn't have as much content available to them as we think. Over the years, tapes or gigs could end up getting lost or damaged.
Just my take on it anyway