Twenty-four years after Microsoft acquired Rare, the British game studio is no longer the same exception it once was. In September 2002, Microsoft spent 375 million dollars to acquire Rare, a cult British studio behind Donkey Kong Country, GoldenEye 007, and Banjo-Kazooie. The acquisition marked a turning point: Rare became exclusively a developer for the Xbox brand. More than twenty years later, what remains of the initial promise? Founded in 1985 by Tim and Chris Stamper, Rare first made a name for itself in the world of microcomputer video games before becoming one of Nintendo's most precious allies in the 1990s. The studio distinguished itself by its technical mastery and its typically British humor, producing notable titles such as Battletoads, Killer Instinct, and Jet Force Gemini. Rare shone particularly on Nintendo 64, with strong licenses such as Perfect Dark and Banjo-Kazooie, embodiments of a unique spirit of innovation and risk-taking. But at the dawn of the 2000s, as the GameCube struggled to establish itself and Nintendo focused on its own franchises, Rare began to look for a new partner to continue its rise. Microsoft, on the other hand, needed reputable studios to fill its Xbox line with attractive exclusive content. After months of negotiations, Microsoft announced the final price of the strategic acquisition of Rare as 375 million dollars. Rare kept its brand, its studios in England, and most of its IP, but became a first-party Xbox studio. After the acquisition, Rare quickly launched flagship projects for Xbox: Grabbed by the Ghoulies in 2003, Kameo: Elements of Power in 2005, Perfect Dark Zero the same year, Viva Piñata in 2006... Many of these projects testified to Microsoft's desire to diversify its markets: family-friendly games, more accessible experiences, all supported by a more robust Xbox infrastructure than what Nintendo offered at the time, especially in terms of online/technical aspects. In return, Rare had to deal with new imperatives in terms of deadlines, expectations, and strategic alignment with Xbox goals. But the change was not without pain. Several former fans and observers judged that Rare, under Microsoft, had lost part of the flamboyance, impertinence, and risk that it was known for under Nintendo. The departure of the Stamper brothers in 2007 (historical brains of the group) marked a symbolic fracture, reinforcing the fact that those who forged the Rare spirit had left the Xbox ship. Moreover, some titles were received coldly, both by critics and the public, accused of lacking polish, proof of rushed deadlines or a lack of ambition. In 2008, Banjo-Kazooie: Nuts & Bolts was a glaring example: despite a desire for renewal, the game never managed to reach the Nintendo-esque peaks of the series. After more than two decades, what Rare has become is both less spectacular than many imagined... and more stable than many feared. Among the successes, one cannot but commend Sea of Thieves, launched in 2018, which is undoubtedly the studio's most recent triumph under Microsoft, both in terms of critical reception and lasting commercial success. But on the regret side, many judge that Rare has not produced "big" hits of global scale comparable to its glories under Nintendo's aegis. The studio has often been relegated to less visible roles, or to more modest projects, or lacking creative courage. The creative dynamism of Rare seems to have been eclipsed by the structural constraints of Microsoft, where technological and marketing priorities dominate at the expense of audacity. For Microsoft, the acquisition of Rare served as a strong signal, showing the world that the Xbox brand could attract talent and offer something other than capitalizing on already established franchises. The acquisition contributed to enriching the catalog, even though the returns were not always up to the investments. In terms of the industry, it is a case study: one cannot simply buy prestige; one must also understand and preserve what makes a studio unique, its culture, its leadership, its creative freedom, so that the alliance of economic power and creative strength can lead to concrete success. Microsoft had to learn that the integration of an iconic studio does not automatically guarantee magic... Finally, that would be in an ideal world. Is it necessary to remind that in October 2023, the Redmond company announced the acquisition of Activision Blizzard for a total cost of 75.4 billion dollars? In the end, the acquisition of Rare by Microsoft appears today as a partially successful operation: not the absolute triumph some dreamed of, but not the announced ruin either. The British studio survives, innovates occasionally, but has paid the price of compromising certain ideals. For nostalgic gamers of the 1990s, this replacement of risk with security remains bitter. For Microsoft, it is one of the pieces of its Xbox empire, useful, but never central.