Microsoft Corp MSFT unveiled a fresh line-up of all-digital Xbox Series X and S consoles along with trailers for more than a dozen upcoming games at its annual Xbox Games Showcase on Sunday.
The reveal included a disc-less version of the Series X and S, and a special edition Series X boasting 2 terabytes of storage. The move aims to invigorate console sales as the gaming industry grapples with declining revenues and numerous layoffs, reported Reuters.
In January, Microsoft laid off 1,900 employees in its gaming division and continues to implement cost-cutting measures.
Last month, Xbox closed three subsidiaries, including Tango Gameworks, the studio behind the 2023 hit “Hi-Fi Rush.”
Microsoft showcased three new consoles and emphasized its competition with Sony Group Corp’s SONY PlayStation 5, the report added. Highlighting the event were new titles such as “Doom: The Dark Ages” and a preview of the much-anticipated “Gears of War” sequel, ending a five-year wait.
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A large portion of these games, including the latest “Doom” and “Call of Duty,” will be available on Xbox Game Pass from their launch dates.
The showcase featured a special segment from Activision Blizzard’s studios on the new “Call of Duty: Black Ops 6,” set for an October release.
The gaming industry currently faces a downturn, with publishers dealing with softer sales and studio closures.
Microsoft’s strategy appears to heavily focus on Xbox Game Pass, aiming to entice consumers by offering major titles on the subscription service at launch. This approach could be crucial in retaining and expanding its user base in a competitive and financially strained market.
Microsoft stock has gained more than 27% in the last 12 months. Investors can gain exposure to the stock via Technology Select Sector SPDR Fund XLK and IShares U.S. Technology ETF IYW.
Price Action: MSFT shares are trading lower by 0.01% at $423.801 premarket at the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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