Insights from Microsoft and FTC documents shed light on Xbox's business operations and performance.

Internal documents from the legal battle between Microsoft and the US Federal Trade Commission have revealed that Microsoft considered acquiring Sega, Bungie, and other studios. Microsoft had their eyes on dozens of studios, which was narrowed down to eight, including Bungie, IO Interactive, Supergiant, Thunderful, Niantic, Zynga, and Playtrix. Microsoft also mentioned a mysterious new IP from Bungie codenamed Matter, which they expected would release in 2025. Xbox CEO Phil Spencer compared Xboxes to Polaroids and said that they are "core gaming which isn't growing" while mobile gaming is growing.