Microsoft didn't reveal the real reason they are so laser focused on TV and not gaming: advertising dollars. XBOX One should really be called TVBOX One, because Microsoft wants to tap into the TV advertising stream.
When you watch TV using TVBOX One, the Kinect sensor is fully on and recording everything you and your family do. It will track how many people are watching TV, whether you watch commercials or use the bathroom instead, are you bored or excited (by tracking heartrate & body position), are you using a Smart Glass device, etc. All this information will be collected and transmitted to the Microsoft servers so Microsoft can then feed you advertising. (If you don't believe me, please read the 10+ page fine print in the TVBOX One Terms of Service (TOS) contract. You will see that Microsoft reserves the right to collect any and all data about you and your family using Kinect. It's also why you can't disable Kinect.)
Microsoft wants to take the advertising to even greater heights in the future. They want to pioneer two-way interactive television with customer focused advertising. This is why they are spending hundreds of millions of dollars on Steven Spielberg and a Halo TV series. They can do things like make interactive commercials where they ask you to wave at the Kinect in order to get a chance to win a bag of Doritos chips, or whatever gimmick they come up with.
As many analysts have said, Microsoft is no longer competing against Sony and Nintendo. Microsoft is competing against Apple & Samsung for ownership of the Entertainment living room. It may turn out to be a brilliant strategy, only time will tell.