00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Microsoft's Xbox is cutting 3,200 employees and closing five game studios after its Game Pass strategy fell short, according
00:10to Bloomberg.
00:11Xbox spent nearly $80 billion over the past decade on deals for major titles, including Call of Duty and Skyrim.
00:18The company had aimed to use those games to grow its subscription service and improve its position behind PlayStation and
00:24Nintendo.
00:25Game Pass launched in 2017 with a goal of reaching 77 million subscribers by fiscal 2026.
00:32But the service now has about 30 million subscribers.
00:36Bloomberg reported that millions of customers canceled after a 50% price increase last October.
00:41New Xbox CEO Asha Sharma said the business is not healthy and plans to refocus on consoles, major franchises and
00:48a more streamlined studio strategy.
00:50For all things money, visit Benzinga.com.
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