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Microsoft needs to regain some degree of product confidence. E3 can still be meaningful for them if they hit a homerun. They need something to generate positive buzz.

Sony doesn't need E3 at this point. They could announce their games at other events instead and it would make little difference.

As for Nintendo, I think a lot of potential Switch customers wouldn't know E3 if it bit them. However, they might see coverage in the press, as E3 is the one time with video-game news is all over the internet. As they are still growing their install base, that kind of exposure can be valuable.