It's true that Game Pass subscriber growth has slowed, but I don't think 35 million is any kind of permanent cap. There are 910 million PC gamers in the world today, and this is growing by approximately 35 million per year. This is, of course, in addition to Xbox owners. As more people become PC gamers each year, more people discover and subscribe to Game Pass. Ditto for existing gamers who discover Game Pass, or decide to finally try it and stick. Tastes and expectations are changing, and just as we accepted subscriptions for music, I think subscriptions for gaming are becoming more normal.

I've gotten tremendous value out of GamePass. I very rarely replay games, so all the games that swing by long enough on GamePass for me to play through and enjoy (and that I would otherwise never have bought) have made the subscription model work really well.

It has also reduced my game "clutter" in a way I very much appreciate.