So after sitting on it for a bit, I have two recurring thoughts on the Xbox show:

1) The argument of "everything here will be on Game Pass" is compelling and a ridiculous value.

2) Game Pass reliance will be a double-edged sword and eventually give way to The Netflix Problem.

To expand on 2, I think Game Pass is only going to grow as it becomes the centerpiece of the Xbox experience. That's great for consumers! It's crazy having all these first-party games AND third party games available on this service. But as it gets bigger, issues of scale arise.

CDPR has already said that Cyberpunk won't be at Game Pass at launch and they had to, otherwise people would just...not buy it. When Spencer erroneously said Control was coming to Game Pass, Remedy had to get out there and say no so the game sales didn't crater.

If Game Pass is what the system largely revolves around, then the market expectation for games on that system will be that they're on Game Pass eventually. If you're a third party and MS asked for your new game to be on Game Pass, the smart answer is probably "Okay, but pay me."

Which is a faster version of The Netflix Problem I alluded to earlier! Eventually content providers realized Netflix was making more money off their content than they were getting in return, or at very least they felt like they deserved more money. So they pulled their stuff.

As a result, Netflix pivoted to original content, which is kind of what I see XGS trying to do now. But that has all its own pitfalls in terms of resources and the way games are designed. Would you greenlight a big, single-playthrough narrative game that's one-and-done?

Which, maybe that's the intention. Maybe they want to be the service for Games-As-A-Service. It's not a bad plan. I just don't know that it's their intention. On that, we'll have to wait and see. But for now, Game Pass is still an absolutely incredible deal.