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I think lots of the stuff people have said is important, but I also think Microsoft has a problem with long-term vision.

So, on top of what people have been saying, I'd say spend more on putting out sequels of games that were moderate successes/disappointments sales-wise (Quantum Break and ReCore come to mind, but also Alan Wake and the like). That shows some long-term commitment that I frankly don't see from Microsoft in many of their consumer-focused products nowadays.

If all else fails just copy the Switch.