We consider, however, that the financial and strategic calculation of creating
new exclusive games for Xbox may be different from that of making CoD
exclusive to Xbox: making an existing multiplatform gaming franchise
exclusive leads to quantifiable losses (ie, lost revenues from customers on
other platforms), which have to be weighed against uncertain gains (ie,
increased revenues from new Xbox customers). Moreover, in this case, at
least part of CoD's value comes from the size of its community of gamers, and
that would be eroded by removing it from PlayStation. By contrast, making
new gaming IP available on other platforms has some costs associated with it
(eg, optimizing for a different OS and possible diversion of users to a rival
console) and leads to uncertain gains. We consider that these differences
could reasonably lead Microsoft to make a different strategic decision in
relation to new releases of CoD than it has done in relation to entirely new
games generated after previous acquisitions, especially in light of the
significant quantifiable losses suggested by the revised LTV model.