Satya Nadella in several interviews, since the intent to purchase Zenimax has been made known, that they intend to purchase more studios to expand their IP and content portfolio.
Even as the Zenimax deal was being finalized, there were ongoing talks to purchase WB Game Studios from AT&T.
Satya Nadella has a compensation incentive (reported as 5% of his compensation by Brad Sams) to grow gamepass.
The previous market Xbox was trying to win over and serve was the console gaming market. In the past 2 years that goal has changed to trying to serve the entire 3 billion strong gaming market. To do that, they need more and varied content.
Phil Spencer has come out specified a particular area of weakness as E rated content. This is an area that consists of a lot of bigger name players if they intend to get more known and popular commodities.
The gamepass and xcloud service is reportedly launching on over 1 billion devices next year. With a major launch, they are likely to drop some pretty big news to secure subscriptions with this new launch.
Gamepass subscriptions have grown at a steady pace and the service is now profitable.
The 2021 SEC financial plan for Microsoft in the Xbox section indicates that they intend to acquire more IP and studios to produce content.
Microsoft is flush with cash and money that is sitting in a bank for them is lost potential.
There is more pressure than ever from others trying to enter this market that are buying up talented studios, notably, Amazon, Google and Tencent. A shocking number of studio purchases particularly by Tencent will likely make the decision process a faster one.