I think I read that one of the new Xbox versions doesn't even have the capacity for physical games. In the long run, even if people stick this out, I imagine that GameStop would be a stock that gives some people money on paper but which has no real world value associated with it at all. Or the execs might repeatedly dilute the stock to raise money for new ventures, yet unless they turn into an online platform, it's hard to see how any such thing could succeed.
Developers certainly have no reason to share revenue with them, nor do the console makers, then there's already Steam and the Epic Games Store for PC. So in the long run, online ventures would probably fail too.
Sooner or later, people will either decide that propping up something with no real world value is stupid, or the stock will get diluted until the managers have all cashed out and the business is gone, am I missing anything here?