Nilay Patel

And we were having that conversation in the context of them buying Activision.

And Candy Crush is the most stable recurring revenue you can get.

It's endless downloadable content.

It's endless power-ups.

It's people paying money to literally play the game every day.

Did you have the same reaction to them saying their goal was not to get to $15 a month from every single Xbox gamer?

Yeah, it was just, it was right around, yeah, 22, right around the Activision.

And that's when they bought Activision, right?

That interview was right after they'd announced the deal.

It was before it closed regulatory approval and everything.

But their thesis for buying Activision was we need to be a bigger player in mobile because that's where the new gamers are.

And Activision has all these mobile games.

And actually, Call of Duty, which is what everyone is focused on, is the least of our concerns here.

What we're after is King.

We're after Candy Crush and all of the mobile IP that Activision has to offer us.

I'm looking at it from a pretty outsider perspective.

I don't think this has worked out.

I don't think this has played out well for them.

What do you think?

Actually, Phil was clearest about this when he was on in 2022.