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Leynos said:
Then why make a console at all?

Where else are they going to push GamePass? Nintendo doesn't have the hardware to run many of the GamePass games and remember how much Sony hated EA Access until years later they finally caved in? No way would Sony want the GamePass service on their platform, it would make PS Now pretty pointless unless they too started putting their games on there day one.

Releasing a console gives them a place to push the service and make a lot more money than they would elsewhere.