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To be fair, it's not like they've done nothing at all. It's just that a lot of what they've done hasn't worked all that well, at least not when compared to the competition.

They've spent tons of money on new studios for Halo and Gears. They invested heavily in Quantum Break. They've gone out and contracted acclaimed 2nd party developers for new IP or to work on existing IP.

The results just haven't panned out as well as hoped.