The bet of “Everything on subscriptions” has not turned out as Microsoft expected
Microsoft bought Activision for almost 70,000 million with a clear and undisguised idea: put the successive installments of ‘Call of Duty’ in Game Pass from day one. A strategy that, on paper, would boost the service’s subscribers and change the tides of the industry. Eighteen months later, perhaps the numbers have not turned out to be so favorable and the company is rectifying that strategy at full speed. The most curious thing? After some changes, users end up paying more for a service that offers less. Price changes. Six months ago, Game Pass Ultimate cost 17.99 euros per month and included from day 1 the latest ‘Call of Duty’ to date, ‘Black Ops 6’. In October 2025 Microsoft raised the price to 26.99 euros, 50% hitjust two weeks before the premiere of ‘Black Ops 7’. Now on April 21, 2026 announces which lowers it to 20.99, but without the future ‘Call of Duty’ on day one. PC Game Pass, in parallel, goes to 12.99 euros from the previous 14.99, although it is also above the 11.99 it cost before the last increase in price. Not so discount. Despite the apparent discount, the April subscriber pays three euros more than the subscriber in September of last year, but also renounces the main claim for the service. Future ‘Call of Duty’ will arrive on Ultimate and PC Game Pass “during the following holiday season, approximately one year after” their commercial release, while ‘Black Ops 6’ and ‘Black Ops 7’ remain in the catalog. Only half a year has passed after the total restructuring with the purchase of Activision… but with the rate somewhat more expensive than it was not too long ago. Why it didn’t work. The strategy made sense: if ‘Call of Duty’ is the most profitable franchise on the market, offering it on the first day within the subscription would make Game Pass an almost impossible proposition to refuse. The numbers did not match. A report last October estimated that Microsoft had missed out on $300 million in revenue by including ‘Black Ops 6’ on the service in 2024. That same report noted that 82% of the game’s full-price sales occurred on PlayStation 5. Things got worse with ‘Black Ops 7’. Due to its presence on Game Pass from day one, the game’s launch sales fell more than 60% in some marketsand in the United States it ended 2025 as the fifth best-selling title of the year, the lowest position for a franchise game in almost two decades. Subscription was cannibalizing sales without growing enough to make up for it. The accounts don’t work out. Perhaps Microsoft’s accounts collided with an indisputable reality: there is not enough Xbox to support the expenses of a blockbuster of the caliber of Call of Duty, mainly with subscriptions. In November 2025 Calculations placed Xbox Series X/S at 34.10 million units sold compared to 86.12 million for PS5. Of course, the difference grows quarter by quarter. Giving away a game on day one that still costs $69.99 on PlayStation meant giving up margin in the most profitable territory to monetize Call of Duty. What point are we at? Christopher Dring, editor of The Game Business, pointed that the decision has also been made due to an imminent launch: ‘Forza Horizon 6’ arrives on Xbox in May and is, right now, the third most desired game on Steam, with nearly 2.7 million people who have included it in their wishlists. It is a good asset, with its previous arrival on the console, to increase the subscriber base, and the price drop may interest more than one player with doubts. In Xataka | Game Pass is already an unsustainable investment: more than 2,000 euros for each generation of console and without anything owned