In a presentation at the annual E3 conference in Los Angeles, Microsoft said the Xbox One would hit store shelves in November. Gamers will have to shell out $499 to own the new console, which combines gaming and entertainment functions, The Daily Camera noted.
That’s a lot more than the current Xbox 360, which retails for about $300.
Video game rival Sony (SNE) wasted no time in pointing out that its new Playstation 4 console is priced at just $400.
Microsoft unveiled the Xbox One last month. The new console allows users to move seamlessly between gaming, television and online entertainment.
However, the machine’s always-on Internet connection, coupled with its array of microphones, IR cameras and motion detectors has provoked some alarm among privacy advocates.
Shares of Microsoft fell about 1% in Tuesday midday trading.