Microsoft has spent more than $76 billion acquiring game studios and publishers over the past few years in an attempt to turn Xbox into a Netflix-like subscription platform, and the result is that nobody -- possibly not even Microsoft -- can clearly articulate what Xbox actually is anymore, The Verge writes.

The brand started as a powerful video game console, but Game Pass and cloud gaming pushed it toward a hazier identity: the "This is an Xbox" ad campaign tried to redefine it as any device that could play Xbox games, whether a PC, a smart TV, a phone, or a Windows handheld. Microsoft then went further and started publishing its biggest franchises on PlayStation, making it one of the largest third-party publishers on a rival's platform.

Phil Spencer, who led the division for over a decade and drove the subscription pivot, announced his retirement last week, and incoming CEO Asha Sharma has pledged "the return of Xbox" -- though her memo also talks about expanding across PC, mobile, and cloud, which sounds a lot like the status quo.

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