We’re now looking at notes from a meeting with Fidelity investors in February 2022. Jim Ryan discussed the importance of first-party content to fend off competition from Game Pass:

“One of the reasons why we are investing massively in first-party development and publishing is to provide us with an edge against pressure on a historic business model. Having a business model where you own elements from top to the bottom increases your ability to be self-determinant.”

Microsoft lawyer: Do you think it would be better if Microsoft kept Activision games on PlayStation?

Ryan: Yes, I do

Microsoft lawyer: So you do believe it’s in Microsoft’s best interests to make Activision games available on multiple platforms?

Ryan: No, I don’t agree with that

Microsoft lawyer: So if you were running Xbox, would you recommend making Call of Duty and other Activision games exclusive to Xbox and PC?

Ryan: That’s a hypothetical question that I don’t wish to answer

Microsoft lawyer: So you don’t get to answer?

Ryan: I don’t have enough knowledge to answer that question