Following shocking job cuts at Xbox, Microsoft's ability to maintain both Xbox Game Pass and their massive acquisitions comes into question.
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I think that one of Microsoft's biggest mistakes is their lack of marketing toward their games including Game Pass.
Netflix is the biggest subscription service at the moment and you still often see advertisements for Netflix.
On the other hand, MS seems incapable of paying some YouTube ads for Gamepass.
MS will have to choose, Xbox hardware sales or Gamepass. With Gamepass being tied to Xbox hardware and the sales being so low they aren't going to get more subs unless they go cloud (Via dongles), on Nintendo or Sony machines. They can still make Xbox's maybe put timed GP games on it but they expect sales of GP when hardware sales are so low.