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Releasing a new console won't solve the problem.
The problem, which has crippled them for over a decade now, is their complete inability to release a consistent stream of quality software.
Nintendo and Sony manage to put out acclaimed and well made games on a regular basis; Microsoft's last one was what, Forze Horizon 5 two whole years ago? And they haven't had a proper killer app since the Xbox 360 two generations ago. It's ridiculous.
Software sells hardware and as long as they continue to mismanage their development side as they have for the past 10 years, people will be less and less inclined to buy their consoles and they may as well just go third party. They need a radical overhaul of the whole Xbox division. Stop sinking years into the development of games with no system selling potential. Focus on building the kind of developer culture that drives Nintendo and Sony's first party output.
Releasing a new console in 2026 or earlier risks losing the few loyal customers they have left. 2027 wouldn't be so bad though; but they need to make sure that they have the software ready; learn from how Nintendo got the Switch off to a flying start with a first year stacked with great games. Otherwise, they'll just end up in the same situation all over again; stalling in sales because their console has "no games".
