It's no secret that Microsoft has spent and is still spending millions on the Game Pass. As it turns out, it's all a wash.
According to the numbers revealed by Microsoft to the Administrative Council for Economic Defense of Brazil (CADE) (thanks, TweakTown), the Game Pass generated $2.9 billion from its consoles alone last year, which is a significant chunk of the $16.28 billion that Xbox games made in the same period. In addition to this, Microsoft showed that the subscriber numbers for the Game Pass had gone from 15 million to 18 million between August last year and March.
When you consider that the number doesn't include the Game Pass earnings on the PC, it's no wonder Microsoft is so willing to throw money at the service whenever it can.
Ultimately, the Game Pass is a numbers game; the more noteworthy games it has, the more subscribers it will enjoy. By acquiring ZeniMax Media last year, Microsoft added dozens of AAA titles to its stable. The effects of this acquisition will continue to grow as Starfield, The Elder Scrolls 6, and Fallout 5, among others, all make their way to the Xbox Series S/X and the Game Pass in the next few years.