Sooo many factors to take into account here. Thankfully most of it has been discussed already so I don't to repeat too much.
But there was a clear lack of direction as to where the brand should situate itself in the future at the juncture they decided to stop console exclusives as their clutch to garner interest in their brand.
Gamepass and the opening to PC gaming with their games devalued the Xbox brand as a whole and then came the moment they realized the Netflix "strategy" was not paying the dividend they hoped for, so they pivoted again with third part acquisitions in mass to gather capital from other revenue streams other than the one they already had.
Clearly, the focused on the pure gaming side has felt lackluster in the worst sense of the term ...
Also, it needs to be talked about how Xbox has basically screwed it's brand image on the international market since the Xbox One days. Suffering a decline so hard that Microsoft had no choice but to retract and cheapen their offerings in Europe and elsewhere that's basically not the US.
Therefore, there's a legitimate large pool of customers that basically is left ignored by not putting the required resources to make it's known.
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