The exact same types of licensing agreements exist. The only games MS can guarantee one platform to another are ones they own 100%.I'm referring to games that are on the Series S and Series X and not on the PC Xbox app. I'm not trying to hold Microsoft to some crazy standard where they have to support games that were only on older hardware, just the current consoles.
Companies that own games based on IP like say The great circle. They are licensed so that when they are sold in a console version they are for use on THAT CONSOLE ONLY. They don't let you take your Indiana Jones game sell it on a console and then let people install it on a PC or any other platform, not for free anyway.
This will be true for UFC games, WWE games, NHL, NFL, NBA, MLB, Disney games, WB games like Batman games, Harry Potter, Game of Thrones, Lego, Mortal Kombat, Lord of the Rings. All those types of games will be licensed one platform at a time.
When you get down to it probably 80% of all Video games are based on IP that has been licensed. No one blanket licenses their IP to be used however the buyer sees fit forever. One of the big ones is game developed for X platform(s). If a developer signs a deal to create a game for the PS4,Xbox,PC... their are stipulations that are very clear that every one of those platforms is independent. Buying a copy for one does not mean you are selling a copy for the others. It also doesn't mean you can do whatever you want and sell that game as a PS5 title 4 years later either. If you want to make a new version you have to make a NEW version. Its why we get Remasters. Remasters are a new game sold at a new price, sometimes for new platforms, and all IP used will be renegotiated. (ever play a remaster where the music is completely different... or the voice actor changes?)
That is just the obvious overall IP. Their is also music IP which is as big and perhaps an even bigger issue with old games on new platforms. Take as an example Marvels Guardians of the Galaxy game. That game has a ton of commercial music in it. If the publisher wanted to sell that game on a new console down the road (even a handheld one) the publisher will have to re license the music. The music industry is not going to give them a deal if the game is no longer capable of being sold at AAA pricing. They don't care that they want to sell a $30 remaster, they get paid the same amount for the rights to those songs. LIke I mentioned earlier many old games have been pulled from Steam, some coming back some not... because their music license expired.
To be honest... this new Xbox handheld. MS may actually run into legal issues depending how they market it and how exactly it works. I would not be shocked if the only "xbox" games that run on it are ones published by Microsoft. No one else will be happy to be loosing money, and I doubt Microsoft is willing to pay for the licensing.
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