Microsoft Corporation (NASDAQ:MSFT) to release new version of Xbox next year [Report]

Microsoft Corporation(NASDAQ:MSFT)’s Xbox 360 was released in 2005 and its been seven years since the company has released any updates to its gaming console.

Now gaming enthusiasts have something to look forward. The company plans to release the next version of its game console next year around the holidays and at the start of the shopping season.

According to Bloomberg, the new device is planned to be on shop shelves for Thanksgiving and Christmas.

"The software maker hasn’t decided whether to unveil the new Xbox at an industry event such as the E3 show in June, or a separate event devoted solely to the machine," the report said , quoting sources.

Japan's Nintendo, which focusses on games and game consoles, has already released its latest Wii U on November 18 and according to reports is seeing good response.

Sony Corp is also ready with its new version of the PlayStation console. Sony's PlayStation 3 was released in 2006, almost a year after the Xbox launched.

Microsoft is now trying to extract the maximum revenues from its existing XBox console and reports say that it sold about 750,000 in the Thanksgiving week, which exceeded even the expectations of the company.

Both Sony and Microsoft have been struggling with their other business interests and the console segment has been totally neglected. Analysts say that for the game console market to see any significant growth will require newer versions to be released in the market.

While Microsoft has led in console sales in the U.S. for the 22 months through October, its monthly sales have been declining, NPD Group said.

U.S. retail sales of video-game software, hardware and accessories dropped 25 percent in October from a year earlier to $755.5 million, the research firm added.