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Microsoft presents its new Xbox

Time: 13:13 EST/18:13 GMT | News Source: USA Today | Posted By: Byron Hinson

Now representing Microsoft in the next round of the video game battle: Xbox One. The software giant introduced the successor to the Xbox 360 at an industry event at its headquarters here Tuesday. While it didn't mention a price or exact release date, the Xbox One is expected to join the Sony PlayStation 4 in stores this holiday season. A renewal of the Microsoft and Sony rivalry will energize the global $27 billion console game industry, says Wedbush Securities analyst Michael Pachter. "Gamers have become fatigued, and they are ready for something different. Publishers have been reluctant to launch new (intellectual properties) late in the cycle, so there is a lot of fresh content ready for the next generation," he says.