it's really super simple: EXCLUSIVE TITLES, or self-funded games. Stuff you simply cannot get anywhere else (at least on PC). Playstation did this for years. I never owed any console before, but when the first PS3 exclusive came out, I bought one (and many other people!)
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so if I was a rich company trying to be a serious competitor I would fund several studios to make exclusive titles. Even some exclusive indie titles could be enough to start. If you just copy-paste Steam, for that there's already itchio and it's hard to beat.
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my experience with it is awesome instead, but I admit I use it only as developer and not player
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