Tom Warren

Um,

has just been over-promising and under-delivering and relying on regulatory change that just hasn't come, right?

Or it's come and whoever's, you know, whether it be Google or Apple, they've appealed, right?

We just pushed it down so many months.

So, yeah, so they've had all these hurdles with this strategy.

But I think...

Ultimately, Game Pass has a problem where it fundamentally will eat into those margins of studios.

And it's like, if they can't scale it up, then they have to increase the cost of it.

So again, we saw that last year.

They've been up like 50% Game Pass Ultimate.

So they've been doing all these things where they respond to this strategy with a goal of either...

increasing the revenues or scaling up.

And it just hasn't been going smoothly, let's be honest, especially over the past couple of years.

The interesting thing is, when was that?

That was in 2022 that you spoke to me?

That year was quite pivotal internally.

So I think that was when they kind of realized that Game Pass wasn't going to do the number, like they'd hit a ceiling on console and they didn't have this mobile growth that they were expecting.

And like internally at that time, exactly, I think it was 2022,

or 2022, but they did a slide deck with the hardware gaming team, which leaked in the FTC trial.

And it was like the ambition was 100 million people on Game Pass by 2030.