Xbox has been cemented itself as one of the best-selling video game machines in history.
Microsoft said it has sold more than 70 million Xbox 360' since the console's launch in 2005. Digital Trends said this puts the machine in eighth place, behind the PlayStation portable. This is a 20 million unit jump from last year's 50 million sold.
During Microsoft's first quarter, the company sold 1.7 million 360s, which was down 600,000 units from the same time period during the previous year. It also said the Entertainment and Devices division made $1.9 billion in revenue this year which is down 1 percent from last year, IGN reports.
"Xbox 360 revenue was down 24 percent ($418 million) 'due to mainly lower volume of consoles sold and lower video game revenue, offset by higher Xbox Live revenue," the article read.
Microsoft continues to be the top-selling console in the U.S., where it now has 49 percent market share," Microsoft said in a statement.
To celebrate, Microsoft is cutting the price of the 360 by $50 for the holiday season.
The company has plans in the works for an Xbox 720.Reports say it will be released in 2013. IGN first reported about the 720 back in January. It's reportedly being manufactured under the code name Oban and is being produced by IBM and Global Foundries, the website reports.
"The power behind the next Xbox will be a PowerPC CPU that is married to an ATI Southern Islands GPU, or modified 7000 series. It adds that the console is unlikely to ship at the end of 2012, with full production gearing in December of this year," the article said
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