Microsoft is swiftly becoming a Thanos-like figure in the video game industry, scooping up major publishers and companies like they're Infinity Stones.
Back in 2020 the company behind Xbox purchased Bethesda for $7.5 billion, picking up exclusives like Starfield and The Elder Scrolls VI in the process.
But this was chump change compared to the $69 billion Microsoft parted with for Call Of Duty publisher Activision and its huge stable of IPs. Crash Bandicoot, Spyro, Tony Hawk's Pro Skater, World Of Warcraft, and so many more now live under the Xbox umbrella. And Microsoft still isn't done.
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At least one analyst believes that the recently announced partnership between Netflix and Microsoft could be setting the stage for a full-on acquisition somewhere down the line, with the streaming service angling to get itself bought by the tech giant.
Last week Netflix announced that it had teamed up with Microsoft to roll out its previously confirmed ad-supported subscription tier.
After a rough year for Netflix, in which the company recorded its biggest loss in nearly 10 years and soon after managed to wipe $50 billion of its value in less than 24 hours, the new, cheaper tier is an attempt to bring in more subscribers. Microsoft will play the role of "global advertising technology and sales partner", but Needham senior analyst Laura Martin thinks there could be more to it.
"It could be that Netflix is looking for an exit," Martin explained to Yahoo. "Netflix is trying to get closer to Microsoft in hopes that, after Microsoft digests its Activision acquisition, it turns and buys Netflix next."
It's worth stressing that this is pure speculation on Martin's part, but it certainly makes sense. Netflix has been struggling, and Microsoft wants to continue to push further into streaming and subscription services. Picking up one of the most popular streaming services around - not to mention its huge back catalogue of IPs - would be another big move.
Whether such an acquisition happens remains to be seen. The Activision deal still isn't 100% over the line and won't be for a while yet, so watch this space.