Yes, Arc System Works created some paid downloadable content for Persona 4: Arena. So far, there aren’t any extra characters just color variations and glasses.
Of course Persona 4: Arena has color variations in the game. How else would you know which Yu is yours? But, if you want your fighter to have a little more zazz you can buy new color variations after Persona 4: Arena comes out.
Players can also customize their fighter by equipping different glasses. Arc System Works will sell more glasses, which appear on your character’s sprite and cut-in animation.
Persona 4: Arena will also have extra menu voiceovers and round announcers available to purchase post-launch so you can have Mitsuru, Yosuke, Aigis, and Teddie explain menu options instead of Margaret.