Phil Spencer

We don't have this...

vision of everybody's paying us $15 a month.

We think the subscription is an interesting business model for certain kinds of games and for certain customers.

But I really see it as diversifying the way people build their library of games or creators can reach the customers that they want to reach with the content that they build.

But it will always be part of the business in my view.

I think people buying their games and owning their games will be an important part of the business for years and years to come.

Games are fundamentally different, and I'm definitely not smarter than people who did music subscriptions or video subscriptions.

I just think the fundamentals of gaming are different.

So subscriptions will be part of the solution, but not the only solution.

terms of the activision opportunity and i keep saying this over and over and it is true it definitely starts with a view that people want to play games on every device that they have and in a funny way the smallest screen that we play on is actually the biggest screen when you think about install base in phone and that's just a place where if we don't gain relevancy as a gaming brand

And I think we're not alone in seeing this.

Over time, the business will become kind of untenable for any of us.

That if we're not able to find customers on phones, on any screen that somebody wants to play on, that you really are going to get segmented to a niche part of gaming that...

running a global business will become very challenging.