My “hot take”: they’re going the direction of Disney/Marvel hybrid. Have a few handful of IPs that are extremely successful, milk it out with licensing deals in every vertical (toys, games, merch, cross-dlcs, books, etc). They’re just missing theme parks. The actual game development portion would probably be very small.
Would not complain if Microsoft wanted to drop a few billion on a new US theme park. The Pacific Northwest is pretty light on amusement parks and I could imagine a park with Halo, Fallout, Elder Scrolls, and Minecraft "Lands" doing gangbusters. Supposedly they're already working with a UK amusement park operator on a Minecraft experience
I would totally go to a Halo theme park, that sounds cool.
What exclusive IP does Xbox even have anymore? They tanked all the studios that were doing good work for them and AFAIK Halo’s done.