Phil Spencer blames capitalism for games industry woes: 'I don't get [the] luxury of not having to run a profitable growing business'

The problem, according to Spencer, is a"lack of growth" across the videogame industry as a whole.

"I don't get luxury of not having to run a profitable growing business inside of Microsoft," Spencer said."But just across the industry ... sitting here at GDC, I reflect on friends of mine in the industry that have been displaced and lost their jobs and how just, I don’t want this industry to be a place where people can’t, with confidence, build a career.

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