Xbox: 11 Studios Microsoft Might Buy Next
7. Devolver Digital
The wild child publishers who pick up distinctive indie properties and push them out to the public. Since their monster success with Hotline Miami in 2012, they've relentlessly released hits like The Talos Principle, Enter the Gungeon, My Friend Pedro, Fall Guys: Ultimate Knockout, and many more.
Oh yeah, they do those insane E3 conferences too.
Why Likely:
If Microsoft decides they want something bigger than just another respected indie dev, nor want another Bethesda-sized publisher, Devolver could hit the sweet spot as it sits neatly in-between.
The two have enjoyed collaborating numerous times as well, with almost all of Devolver's backlog having graced Xbox Game Pass (between console and PC versions), and their recent horror hit, Carrion, being a day one release.
If the contract would allow Devolver to keep doing their own thing, but just bring content to the subscription... this could be a done deal.
Why Not:
Devolver isn't really looking for ownership. They've recently started buying their own in-house studios, and production costs are low, so that even when a title misses, it doesn't put them at much risk.
They're also a white unicorn of the industry: a profitable publisher that finances whatever the hell they want and plays by their own rules. We can assume it's something they would like to keep doing.
Buying Temperature: Cold