> Microsoft could lose every major Xbox franchise and have it only be, what, ~10%-20% on their stock reports as a whole company? Less than even that probably,

> Microsoft could lose every major Xbox franchise and have it only be, what, ~10%-20% on their stock reports as a whole company? Less than even that probably, since you're not talking about Xbox revenue as a whole, just the first party IP. 25% of Microsoft's revenue right now comes from a huge bucket of items: > Windows commercial and cloud products, Windows OEM, Surface, search and advertising, and Xbox First party IP (including their game studios like Bethesda, not just Xbox studios) probably puts you in the single digits for revenue for the company. > Whereas, if Nintendo lost Mario, the blow would be catastrophic. Completely agree. Nintendo's ecosystem is such that Mario and Zelda sell hardware, which then they get licensing fees from third party titles that people are buying, because they want more than just Mario and Zelda.