I guess it was inevitable. But here are the key points
The store will close July 2024, and you will no longer be able to buy any Xbox 360 games, DLC or other content digitally from either your Xbox 360 consoles or the website
The Microsoft Movies & TV app will also cease to function
Your previously purchased content will continue to work on Xbox 360, Xbox One and Xbox Series consoles (assuming it's backwards compatible for the latter two)
Mulitplayer is not affected
You will still be able to download content you already own
You will still be able to buy backwards compatible content on Xbox One and Xbox Series consoles
Obviously backwards compatible titles are only a relatively small percentages of overall games released digitally on Xbox 360 so there's going to be a lot of games that just disappear because they never had a physical release and were never made compatible with newer consoles for one reason or another. The piracy scene is pretty strong on Xbox 360 so I guess that's the only way those games will be preserved?
Sony reversed course on closing their PS3 store a while back after a community push back. I wonder if that might happen here? Do enough people care?
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