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I don't think they matter as much as they used to.

I mean take a look at PS4, the market leader for consoles.

Of the top 20 best-selling games, two are exclusive to PS4 (technically they're PS3 ports, but you get the idea). The rest are Call of Duty, GTA, FIFA, etc. Sony and Microsoft understand this, and have made concessions to third-parties accordingly.

Personally, I think that's a big mistake, but it seems to be working out well for both companies.