Rumors are swirling that Microsoft (NASDAQ:MSFT) will announce the next-gen Xbox at a May 21 event.
The event — originally planned for April and then pushed back a month — is planned to be a small happening, reports CNet.
Windows blogger Paul Thurrott says the event will focus on the new console. Code-named “Durango,” Thurrott says the system will cost $500 for the standard console and $300 for a subscription-based version. Thurrott also confirmed that the console will require a constant Internet connection to function.
The rumors hint that the console — which is set to be revealed at June’s Electronic Entertainment Expo — will hit the market for the upcoming Christmas selling season. Along with the new console, there are rumors that the Xbox 360 will be redesigned and sold as a $99 entertainment console to compete with Roku and other devices.