Nilay Patel

And the games came out and everyone was just happy and that base of revenue was recurring and it was a little more stable than hits, than console generations.

Is that the move?

Because that seems like where you have been building for a long time, but it's harder to get there than maybe anyone anticipated.

To be fair, I heard that line at the beginning of the streaming transition in music very famously from Steve Jobs.

Actually, people like to own their music is a thing that he used to run around saying all the time.

Now, I feel like we're hearing it from the games industry.

Is that just the point on the curve that you're at?

Is some people are going to buy it and some people are going to stream and we're going to have one day five years and I wake up and it's all streaming and subscriptions or is it now?

Even as Phil was saying that to me, I was thinking, I don't believe you, but you've gone all in on all of these moves.

to get recurring revenue.

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.