Tom Warren

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.

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.