In March 2021, Spencer corresponded with Jean-Emile Elien, then an Xbox software architect. The main topic was changing the success criteria for studios after transitioning from game sales to a subscription model.
Elien noted that previously, a studio's fate directly depended on profits from releases, whereas Game Pass disrupted this familiar connection. Spencer admitted that the company "doesn't know" how to accurately assess the value of an individual game in the service, and the content valuation algorithm being developed by Microsoft economists was not yet complete.
Elien also warned of long-term risks to the ecosystem and a potential "bloodbath" among developers if the economic situation changed. Spencer, in response, emphasized player engagement and stated that Microsoft's studio closures historically were rarely directly related to the profit and loss balance.