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Report: Xbox 720 Scheduled To Hit Market in Next Year’s Holiday Season

The latest edition of the Xbox gaming platform series will likely hit the market during next year’s Holiday season. Xbox 720 is reportedly scheduled to be released in the late fourth quarter of 2013, a source close to situation disclosed Thursday.

The Xbox 720, which is tabbed to succeed its seven-year-old predecessor Xbox 360, could be presented for the first time at the 2013 E3 show or a separate event in June.

Microsoft has been silent during the development of their next generation gaming platform but significant information have been leaked in the last months backing up the existence of the new Xbox.

Microsoft Xbox spokesman David Dennis hasn’t spoken a single word yet about the latest product. Nevertheless, gamers have already been given a sneak of peak of what to expect in Xbox 720 after UK-based magazine Xbox World unveiled the hardware of the new console.

An upgraded version of motion sensing input device Kinect (2.0), a Blu-ray drive, and enhanced controllers, and an A/V specially designed for recording broadcast TV shows and watching are some of the new features in Xbox 720.

Once launched, Xbox 720 will have a very big shoe to fill in after Xbox 360 solidified its status as the most dominant gaming console in the U.S market over the last four or five years. Xbox 360 remains a top-seller among consoles for 15th consecutive month and has sold over 70 million units worldwide. Moreover, the console is still posting strong sales up to now with 270,000 units sold in October and 750,000 units during the Black Friday shopping spree.

Nevertheless, Microsoft is aware that sales will eventually slow down in the coming months due to competition from Sony’s PlayStation 3. The rise of mobile gaming and rapid decline video gaming industry has also prompted Microsoft to start working on its next Xbox.