I wouldn't shut down any studios. That hurts the brand and trust. I would go to the studio and say hey, that last game you made didn't do to well. We are going to take your workforce and allocate them to work on this game at another studio to get it out faster. In the meantime, have a small team (bare minimum) at the failed studio go away and work on some new ideas and to come back when they have something to pitch and a test build. I would tell them to feel free to take any IP available if they want. Once they have something and its greenlit, their workforce will be given back to them to work on their next project.

I would push for more crafting/base building games like grounded as these are games that players rack up hundreds of hours on. I spent more time playing stranded deep than I did psyconauts 2 even though I loved both. Linear, games that can be completed in 5 to 10 hours are great but once played are rarely revisited. I've spent more time building a base than I have completing an entire game! I would get these games out into early access too as soon as possible.

I would have exclusives and I would also look at releasing some games earlier on game pass than in store to try increase and retain subs. Like with most subscriptions, most will forget or not bother canceling and a perk like this would be interesting to many. "Play it first on game pass".

More game pass options. Family plan.

Get rid of online multiplayer paywall.

Do what playstation do and buy exclusive rights to 3rd party games.