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- This is the Xbox Series X, Microsoft's most powerful flagship console.
這是 Xbox Series X，微軟最強大的旗艦主機。
For a long time, you needed an Xbox to play games like "Halo" or "Gears of War".
長期以來，你需要一臺 Xbox 才能玩《最後一戰》或《戰爭機器》這樣的遊戲。
Then Microsoft decided you don't. So it launched a monthly subscription service that lets users play the latest games on a bunch of other devices, but it's increasingly competitive
然後微軟決定你不需要了。所以它推出了一項月費訂閱服務，讓用戶可以在一堆其他設備上玩最新遊戲，但競爭日益激烈，
and will take a lot of investment to make it work.
而且需要大量投資才能成功。
So, will this shift pay off? And what does it mean for the future of the console?
那麼，這個轉變會成功嗎？這對主機的未來意味著什麼？
This is The Economics of Xbox. Today, with more than 30 game studios, Xbox is an industry mainstay, - But it had to really earn that position in the market.
這是 Xbox 的經濟學。如今，Xbox 擁有超過 30 家遊戲工作室，是行業支柱。但它必須真正努力才能在市場上贏得這個地位。
- The console war began in the 1970s when video game companies started competing to create a more powerful console and win more customers.
主機戰爭始於 1970 年代，當時電子遊戲公司開始競爭，創造更強大的主機並贏得更多客戶。
By the '90s, the biggest players were Sony, Nintendo, and Sega.
到 90 年代，最大的玩家是索尼、任天堂和世嘉。
And in 1997, consumer spending on consoles surpassed arcades for the first time.
1997 年，消費者在主機上的支出首次超過了街機。
A few years later, Microsoft entered the scene with its first generation Xbox.
幾年後，微軟帶著它的第一代 Xbox 進入市場。
To entice customers into their ecosystems, most of these companies tried to keep the prices on their consoles as low as possible, selling them at a loss.
為了吸引客戶進入他們的生態系統，大多數這些公司試圖將主機價格保持在盡可能低的水平，虧本銷售。
Xbox loses up to $200 per console, but the brands made up the difference by selling games and other accessories.
Xbox 每臺主機虧損高達 200 美元，但品牌通過銷售遊戲和其他配件來彌補差額。
- The more consoles you sell, the more software you're going to sell with it.
你賣的主機越多，你就會賣出越多的軟體。
- The PlayStation outsold the Xbox every single time.
PlayStation 每次都賣得比 Xbox 好。
Microsoft only came close to beating Sony with the Xbox 360.
微軟只有一次接近擊敗索尼，那就是 Xbox 360。
Analysts say this was because the PlayStation 3, which ran customers up to $600, was priced too high, but the Xbox lost ground with the next generation, and ultimately, it lost the console war.
分析師說這是因為 PlayStation 3 定價過高，最高要價 600 美元，但 Xbox 在下一代失去了陣地，最終輸掉了主機戰爭。
In 2017, Xbox launched Game Pass, positioning itself as a services brand.
2017 年，Xbox 推出 Game Pass，將自己定位為服務品牌。
- It's more interested in making content available to people, whatever device they choose to play on.
它更感興趣的是讓內容對人們可用，無論他們選擇在什麼設備上玩。
- Game Pass is a tiered service. The least expensive plans offer gaming on either console or PC, and the most expensive plan has multi-device gaming and other features like streaming games from the cloud
Game Pass 是一個分級服務。最便宜的方案提供主機或 PC 遊戲，最貴的方案有多設備遊戲和其他功能，如雲端串流遊戲
and access to certain games the day they're released.
以及在某些遊戲發布當天就能玩到。
In essence, Microsoft is betting that it can get more customers if they don't have to buy a console.
本質上，微軟押注它可以獲得更多客戶，如果他們不必購買主機的話。
This model also gives the company a recurring revenue stream, so it doesn't have to rely as much on blockbuster successes.
這種模式還為公司提供了經常性收入流，因此不必過度依賴大賣的成功作品。
- So Game Pass solves the problem on the consumer side by making lots of content available for cheap, and on the business or the supply side in terms of offsetting the financial volatility
Game Pass 在消費者端解決了問題，以低價提供大量內容；在商業或供應端解決了與娛樂相關的財務波動問題。
associated with entertainment. - Microsoft's head of gaming, Phil Spencer, has said Game Pass is profitable.
微軟遊戲主管 Phil Spencer 表示 Game Pass 是盈利的。
- And I think it will stay in that 10 to 15% of our overall revenue.
我認為它將保持在我們總收入的 10% 到 15%。
- But Microsoft isn't the only one stepping into the subscription world.
但微軟不是唯一進入訂閱領域的公司。
In 2022, Sony merged its subscription services, PlayStation Plus and PlayStation Now, and relaunched it to compete with Game Pass.
2022 年，索尼合併了其訂閱服務 PlayStation Plus 和 PlayStation Now，並重新推出以與 Game Pass 競爭。
There are two key things that give Microsoft an edge.
有兩個關鍵因素讓微軟佔優勢。
First, it's a much larger company with lots and lots of money.
首先，它是一家規模大得多的公司，擁有大量資金。
And for the past decade, Microsoft has been using that money to acquire game studios, beefing up its library.
過去十年，微軟一直用這些錢收購遊戲工作室，擴充其遊戲庫。
In 2014, it bought Mojang, the maker of "Minecraft" for $2.5 billion.
2014 年，它以 25 億美元收購了《Minecraft》的開發商 Mojang。
In 2021, it bought ZeniMax Media, owner of "Fallout" and "Doom" for $8.1 billion, and in 2023, it finalized the purchase of Activision Blizzard, the maker of "Call of Duty"
2021 年，它以 81 億美元收購了《Fallout》和《Doom》的所有者 ZeniMax Media；2023 年，它完成了對《使命召喚》
and "Candy Crush" for $75.4 billion. - To put it in perspective, that is a little bit less than what Sony makes annually.
和《Candy Crush》製造商動視暴雪的收購，價格為 754 億美元。換個角度來看，這略低於索尼的年收入。
- Second, as a giant tech company, Microsoft owns lots and lots of data centers, over 300 worldwide.
其次，作為一家科技巨頭，微軟擁有大量數據中心，全球超過 300 個。
Some of which help support Game Pass and cloud gaming.
其中一些幫助支持 Game Pass 和雲端遊戲。
- The incumbents like Nintendo and Sony, they live and die on great content, and this magnificent retail distribution infrastructure that they've built.
任天堂和索尼這樣的老牌企業，他們的生死取決於優質內容和他們建立的出色零售分銷基礎設施。
So it's in Microsoft's interest to push into its data centers and its infrastructure in the cloud, because it can't beat Sony and Nintendo at retail.
所以微軟有興趣推動其數據中心和雲端基礎設施，因為它在零售方面無法擊敗索尼和任天堂。
- This puts it in an arena that mainly other massive tech companies like Amazon, Nvidia, and Google can really compete in, but there are lots of obstacles.
這讓它進入了一個主要只有其他大型科技公司如亞馬遜、Nvidia 和 Google 才能真正競爭的領域，但障礙很多。
To start, adoption has been slow. In 2020, it targeted 71% subscriber growth and reached 86%, but the following year, it fell short.
首先，採用速度緩慢。2020 年，它的目標是 71% 的訂閱者增長，達到了 86%，但第二年沒有達標。
And in 2022, it missed its target by a long shot.
2022 年，它距離目標差了很遠。
- Some people are just not comfortable with the idea of not actually owning a game.
有些人就是不習慣不實際擁有遊戲的想法。
They may wanna play a game, put it down for six months and pick it up later, or a year later, or more, and it may not be in the subscription service
他們可能想玩一個遊戲，放下六個月後再拿起來，或者一年後，甚至更久，而那時它可能已經不在訂閱服務中了
anymore after that time. - So as of 2024, Game Pass has amassed 34 million subscribers.
。所以截至 2024 年，Game Pass 已經積累了 3400 萬訂閱者。
Some of the biggest challenges are specific to cloud gaming.
一些最大的挑戰是雲端遊戲特有的。
A feature included in Game Pass's top tier.
這是 Game Pass 最高級別方案中包含的功能。
Traditionally, game data was stored locally on cartridges, disks, or downloaded straight to the console.
傳統上，遊戲數據存儲在卡帶、光碟上，或直接下載到主機。
With online multiplayer games, data like each player's actions were streamed.
對於線上多人遊戲，像每個玩家的動作這樣的數據會被串流傳輸。
But with cloud gaming, the entire game is streamed to your device, which can be laggy.
但在雲端遊戲中，整個遊戲都被串流到你的設備，這可能會有延遲。
- If it's a competitive game, a millisecond can mean the difference between winning and losing.
如果是競技遊戲，一毫秒就可能意味著輸贏的差別。
- Cloud gaming is also expensive to operate.
雲端遊戲的營運成本也很高。
- The economics have changed, but they haven't immediately changed to, you know, only run a profit.
經濟模式已經改變，但並沒有立即變成只有盈利。
Both of those offerings, whether those are product-based and conventional, or whether they are streaming and more digital, both of those run at a loss in principle,
這兩種模式，無論是傳統的產品導向型，還是串流和更數位化的，原則上都是虧損運營的，
but to recuperate and that to earn money in those contexts is a very different proposition.
但要在這些情境中回本和賺錢是完全不同的命題。
- One report found that just 6% of gamers around the world were subscribed to a cloud gaming service in 2023.
一份報告發現，2023 年全球只有 6% 的遊戲玩家訂閱了雲端遊戲服務。
Still, experts believe it will grow substantially. - Cloud gaming is one of those few components where they could possibly thrive and lead, even if that's a much more modestly sized industry.
不過，專家相信它會大幅增長。雲端遊戲是少數幾個他們可能蓬勃發展並領先的領域之一，即使那是一個規模小得多的行業。
- Microsoft isn't getting rid of the Xbox anytime soon.
微軟不會很快放棄 Xbox。
Later this year, it will release new versions of its current generation, the series X and S, but it's clear that Xbox views its content as the future of the company, not its hardware.
今年晚些時候，它將發布當前一代的新版本，Series X 和 S，但很明顯 Xbox 將其內容視為公司的未來，而不是硬體。
- It is incredibly difficult for these large companies, in spite of their resources, to be agile and innovative.
對這些大公司來說，儘管擁有資源，要靈活和創新是極其困難的。
And so, you know, they're always watching someone else just run the show.
所以，他們總是看著別人主導局面。
And so in many ways, you could make the argument that the current effort and investment towards Game Pass, and X Cloud, and all of the things that they're building
所以在很多方面，你可以說目前對 Game Pass、X Cloud 和他們正在建立的所有東西的努力和投資
and acquiring goes towards perhaps finally being in the driver's seat for the first time, - Giving it the chance to win whatever the new gaming war will be.
和收購，是為了或許第一次能坐上駕駛座，讓它有機會贏得任何新的遊戲戰爭。
(screen buzzes) (relaxing music)
（螢幕嗡嗡聲）（輕鬆音樂）
點擊句子跳轉到對應位置
- This is the Xbox Series X, Microsoft's most powerful flagship console.
這是 Xbox Series X，微軟最強大的旗艦主機。
For a long time, you needed an Xbox to play games like "Halo" or "Gears of War".
長期以來，你需要一臺 Xbox 才能玩《最後一戰》或《戰爭機器》這樣的遊戲。
Then Microsoft decided you don't. So it launched a monthly subscription service that lets users play the latest games on a bunch of other devices, but it's increasingly competitive
然後微軟決定你不需要了。所以它推出了一項月費訂閱服務，讓用戶可以在一堆其他設備上玩最新遊戲，但競爭日益激烈，
and will take a lot of investment to make it work.
而且需要大量投資才能成功。
So, will this shift pay off? And what does it mean for the future of the console?
那麼，這個轉變會成功嗎？這對主機的未來意味著什麼？
This is The Economics of Xbox. Today, with more than 30 game studios, Xbox is an industry mainstay, - But it had to really earn that position in the market.
這是 Xbox 的經濟學。如今，Xbox 擁有超過 30 家遊戲工作室，是行業支柱。但它必須真正努力才能在市場上贏得這個地位。
- The console war began in the 1970s when video game companies started competing to create a more powerful console and win more customers.
主機戰爭始於 1970 年代，當時電子遊戲公司開始競爭，創造更強大的主機並贏得更多客戶。
By the '90s, the biggest players were Sony, Nintendo, and Sega.
到 90 年代，最大的玩家是索尼、任天堂和世嘉。
And in 1997, consumer spending on consoles surpassed arcades for the first time.
1997 年，消費者在主機上的支出首次超過了街機。
A few years later, Microsoft entered the scene with its first generation Xbox.
幾年後，微軟帶著它的第一代 Xbox 進入市場。
To entice customers into their ecosystems, most of these companies tried to keep the prices on their consoles as low as possible, selling them at a loss.
為了吸引客戶進入他們的生態系統，大多數這些公司試圖將主機價格保持在盡可能低的水平，虧本銷售。
Xbox loses up to $200 per console, but the brands made up the difference by selling games and other accessories.
Xbox 每臺主機虧損高達 200 美元，但品牌通過銷售遊戲和其他配件來彌補差額。
- The more consoles you sell, the more software you're going to sell with it.
你賣的主機越多，你就會賣出越多的軟體。
- The PlayStation outsold the Xbox every single time.
PlayStation 每次都賣得比 Xbox 好。
Microsoft only came close to beating Sony with the Xbox 360.
微軟只有一次接近擊敗索尼，那就是 Xbox 360。
Analysts say this was because the PlayStation 3, which ran customers up to $600, was priced too high, but the Xbox lost ground with the next generation, and ultimately, it lost the console war.
分析師說這是因為 PlayStation 3 定價過高，最高要價 600 美元，但 Xbox 在下一代失去了陣地，最終輸掉了主機戰爭。
In 2017, Xbox launched Game Pass, positioning itself as a services brand.
2017 年，Xbox 推出 Game Pass，將自己定位為服務品牌。
- It's more interested in making content available to people, whatever device they choose to play on.
它更感興趣的是讓內容對人們可用，無論他們選擇在什麼設備上玩。
- Game Pass is a tiered service. The least expensive plans offer gaming on either console or PC, and the most expensive plan has multi-device gaming and other features like streaming games from the cloud
Game Pass 是一個分級服務。最便宜的方案提供主機或 PC 遊戲，最貴的方案有多設備遊戲和其他功能，如雲端串流遊戲
and access to certain games the day they're released.
以及在某些遊戲發布當天就能玩到。
In essence, Microsoft is betting that it can get more customers if they don't have to buy a console.
本質上，微軟押注它可以獲得更多客戶，如果他們不必購買主機的話。
This model also gives the company a recurring revenue stream, so it doesn't have to rely as much on blockbuster successes.
這種模式還為公司提供了經常性收入流，因此不必過度依賴大賣的成功作品。
- So Game Pass solves the problem on the consumer side by making lots of content available for cheap, and on the business or the supply side in terms of offsetting the financial volatility
Game Pass 在消費者端解決了問題，以低價提供大量內容；在商業或供應端解決了與娛樂相關的財務波動問題。
associated with entertainment. - Microsoft's head of gaming, Phil Spencer, has said Game Pass is profitable.
微軟遊戲主管 Phil Spencer 表示 Game Pass 是盈利的。
- And I think it will stay in that 10 to 15% of our overall revenue.
我認為它將保持在我們總收入的 10% 到 15%。
- But Microsoft isn't the only one stepping into the subscription world.
但微軟不是唯一進入訂閱領域的公司。
In 2022, Sony merged its subscription services, PlayStation Plus and PlayStation Now, and relaunched it to compete with Game Pass.
2022 年，索尼合併了其訂閱服務 PlayStation Plus 和 PlayStation Now，並重新推出以與 Game Pass 競爭。
There are two key things that give Microsoft an edge.
有兩個關鍵因素讓微軟佔優勢。
First, it's a much larger company with lots and lots of money.
首先，它是一家規模大得多的公司，擁有大量資金。
And for the past decade, Microsoft has been using that money to acquire game studios, beefing up its library.
過去十年，微軟一直用這些錢收購遊戲工作室，擴充其遊戲庫。
In 2014, it bought Mojang, the maker of "Minecraft" for $2.5 billion.
2014 年，它以 25 億美元收購了《Minecraft》的開發商 Mojang。
In 2021, it bought ZeniMax Media, owner of "Fallout" and "Doom" for $8.1 billion, and in 2023, it finalized the purchase of Activision Blizzard, the maker of "Call of Duty"
2021 年，它以 81 億美元收購了《Fallout》和《Doom》的所有者 ZeniMax Media；2023 年，它完成了對《使命召喚》
and "Candy Crush" for $75.4 billion. - To put it in perspective, that is a little bit less than what Sony makes annually.
和《Candy Crush》製造商動視暴雪的收購，價格為 754 億美元。換個角度來看，這略低於索尼的年收入。
- Second, as a giant tech company, Microsoft owns lots and lots of data centers, over 300 worldwide.
其次，作為一家科技巨頭，微軟擁有大量數據中心，全球超過 300 個。
Some of which help support Game Pass and cloud gaming.
其中一些幫助支持 Game Pass 和雲端遊戲。
- The incumbents like Nintendo and Sony, they live and die on great content, and this magnificent retail distribution infrastructure that they've built.
任天堂和索尼這樣的老牌企業，他們的生死取決於優質內容和他們建立的出色零售分銷基礎設施。
So it's in Microsoft's interest to push into its data centers and its infrastructure in the cloud, because it can't beat Sony and Nintendo at retail.
所以微軟有興趣推動其數據中心和雲端基礎設施，因為它在零售方面無法擊敗索尼和任天堂。
- This puts it in an arena that mainly other massive tech companies like Amazon, Nvidia, and Google can really compete in, but there are lots of obstacles.
這讓它進入了一個主要只有其他大型科技公司如亞馬遜、Nvidia 和 Google 才能真正競爭的領域，但障礙很多。
To start, adoption has been slow. In 2020, it targeted 71% subscriber growth and reached 86%, but the following year, it fell short.
首先，採用速度緩慢。2020 年，它的目標是 71% 的訂閱者增長，達到了 86%，但第二年沒有達標。
And in 2022, it missed its target by a long shot.
2022 年，它距離目標差了很遠。
- Some people are just not comfortable with the idea of not actually owning a game.
有些人就是不習慣不實際擁有遊戲的想法。
They may wanna play a game, put it down for six months and pick it up later, or a year later, or more, and it may not be in the subscription service
他們可能想玩一個遊戲，放下六個月後再拿起來，或者一年後，甚至更久，而那時它可能已經不在訂閱服務中了
anymore after that time. - So as of 2024, Game Pass has amassed 34 million subscribers.
。所以截至 2024 年，Game Pass 已經積累了 3400 萬訂閱者。
Some of the biggest challenges are specific to cloud gaming.
一些最大的挑戰是雲端遊戲特有的。
A feature included in Game Pass's top tier.
這是 Game Pass 最高級別方案中包含的功能。
Traditionally, game data was stored locally on cartridges, disks, or downloaded straight to the console.
傳統上，遊戲數據存儲在卡帶、光碟上，或直接下載到主機。
With online multiplayer games, data like each player's actions were streamed.
對於線上多人遊戲，像每個玩家的動作這樣的數據會被串流傳輸。
But with cloud gaming, the entire game is streamed to your device, which can be laggy.
但在雲端遊戲中，整個遊戲都被串流到你的設備，這可能會有延遲。
- If it's a competitive game, a millisecond can mean the difference between winning and losing.
如果是競技遊戲，一毫秒就可能意味著輸贏的差別。
- Cloud gaming is also expensive to operate.
雲端遊戲的營運成本也很高。
- The economics have changed, but they haven't immediately changed to, you know, only run a profit.
經濟模式已經改變，但並沒有立即變成只有盈利。
Both of those offerings, whether those are product-based and conventional, or whether they are streaming and more digital, both of those run at a loss in principle,
這兩種模式，無論是傳統的產品導向型，還是串流和更數位化的，原則上都是虧損運營的，
but to recuperate and that to earn money in those contexts is a very different proposition.
但要在這些情境中回本和賺錢是完全不同的命題。
- One report found that just 6% of gamers around the world were subscribed to a cloud gaming service in 2023.
一份報告發現，2023 年全球只有 6% 的遊戲玩家訂閱了雲端遊戲服務。
Still, experts believe it will grow substantially. - Cloud gaming is one of those few components where they could possibly thrive and lead, even if that's a much more modestly sized industry.
不過，專家相信它會大幅增長。雲端遊戲是少數幾個他們可能蓬勃發展並領先的領域之一，即使那是一個規模小得多的行業。
- Microsoft isn't getting rid of the Xbox anytime soon.
微軟不會很快放棄 Xbox。
Later this year, it will release new versions of its current generation, the series X and S, but it's clear that Xbox views its content as the future of the company, not its hardware.
今年晚些時候，它將發布當前一代的新版本，Series X 和 S，但很明顯 Xbox 將其內容視為公司的未來，而不是硬體。
- It is incredibly difficult for these large companies, in spite of their resources, to be agile and innovative.
對這些大公司來說，儘管擁有資源，要靈活和創新是極其困難的。
And so, you know, they're always watching someone else just run the show.
所以，他們總是看著別人主導局面。
And so in many ways, you could make the argument that the current effort and investment towards Game Pass, and X Cloud, and all of the things that they're building
所以在很多方面，你可以說目前對 Game Pass、X Cloud 和他們正在建立的所有東西的努力和投資
and acquiring goes towards perhaps finally being in the driver's seat for the first time, - Giving it the chance to win whatever the new gaming war will be.
和收購，是為了或許第一次能坐上駕駛座，讓它有機會贏得任何新的遊戲戰爭。
(screen buzzes) (relaxing music)
（螢幕嗡嗡聲）（輕鬆音樂）