The only real problem I have with Microsoft Studios is that that the big ones do indeed seem like slaves to a particular IP. And then you look at Sony's. ND came out of no where with TLOU, Bend is working on a new IP, GG has Horizon,... a new IP. Japan Studios has Bloodborne... a new IP, MM has Dreams... a new IP... even San Diego is doing a new game. I remember Spencer talking about why they veer away from new IP sometimes, but you never now what latent creativity your studios have... free that creativity. Turn 10 Studios needs to be emancipated.
Except MS always have new IP in development, and it doesn't matter who is developing as long as they own the IP.
I disagree, it does matter (at least in part, I agree owning an IP is important). Even if you own an IP, if a studio does an awesome game and become a well-known studio because of that, it's not a good thing for your company/console if this studio decides to leave your IP and go multiplatform (or exclusive for someone else) for their next game (we saw how much Destiny is helping the PS4, thanks Bungie!). You can give your IP to another third party studio, but who knows if it will be as good as the previous game.
A first party studio will make the kind of games you want, with the planning you want, and they will always do that, so you can invest in them fully without a doubt. You just can't invest fully in a third party studio because you own the IP they're currently developing, it's helping someone who could work for your concurrent the next day.
In business, outsourcing can be cool, useful and even necessary, but it's better if your internal teams and processes are strong enough for your company to work without it (for example it's a lot more difficult to invest in your subcontractor and make them grow when you need).