Tom Warren

And a lot of that growth was through Series S and X. That was the desire, right?

But some of it was also cloud and mobile, right?

Like a chunk of it.

Um, and obviously that's, that's not going to happen unless something crazy happens in the next four years, right?

Like that, that growth is not, it's just not there for them at the moment.

I think the last time they reported it was 34 million.

So the messaging changed in 2022, basically from like Game Pass is our thing to like, well, it's going to be like 20% of Xbox content and services revenue.

We don't see it being much bigger than that.

It's still early days, and they've consumed it in a way that it's hard to tell, right?

This is the classic thing with Microsoft's financials.

Every quarter, they hide something else that's not quite working.

Like they've done Surface devices.

They used to do Surface revenue.

Now it's Windows and OEM and devices, so...

They bundle that stuff when it's not quite working.

So I think we'll know if it's not quite working when they start doing tricks like that.

But at the moment, it's still too early to say.

But I mean, the mobile side, like I said with the Xbox mobile store earlier, I think the King stuff would have definitely played heavily into that.

They could have sold exclusive content in that store and not have to pay 30% cut to Apple, Google, Valve, etc.,

So I think there was a vision for that to be additive to the business and the growth and everything.