Even though Microsoft Xbox 360 game console is seven years old, the device is still selling like hotcakes. Microsoft is reporting sales of 750,000 units over the Black Friday weekend. However, this doesn't mean that the tech giant isn't preparing for their inext-generation game console. According to Bloomberg, who cited sources inside of Microsoft, says the company plans on releasing their next-generation Xbox, which could be titled either the "Xbox" or the Xbox 720, around this time next year. Considering the company's recent success over the 2012 Black Friday weekend, it shouldn't be a surprise that Microsoft plans on unveiling their new Xbox in time for the holiday season next year. Bloomberg also reported that Microsoft is considering a special event for the unveiling of the new Xbox, instead of announcing it at E3, one of the most popular video game trade shows. This makes sense, considering the hype surrounding the new Xbox. Much like Apple and the iPhone five, Microsoft can use the Xbox 720 (or the Xbox, whatever name they pick), and create a whole event around it, increasing the hype and anticipation for Microsoft's newest game console. Also, both Bloomberg and iDigitalTimes reported that there could be two versions of the new Xbox; a regular version, and a stripped-down version that focuses on home entertainment as supposed to hard-core gaming.

Sony, Nintendo, and Microsoft are preparing for the next generation of video game consoles. Earlier this month, Nintendo release their Wii U, and is planning on releasing a Wii Mini soon. Sony is also preparing updated version of the PlayStation 3, most likely called the PlayStation 4, which will probably be released at the same time as the next-generation Xbox. However, most fans are waiting for the new Xbox, the sequel to one of the best-selling via game consoles of all time.

Many game enthusiasts are waiting on pins and needles for Microsoft's newest game console. As we previously reported, there are many rumors and Internet gossip about what the next-gen Xbox might have inside. The specs for the new Xbox game console could look something like this: "'four hardware cores, each divided into four logical cores,' 8 gigabytes of RAM, support Blu-Ray discs (like the PlayStation 3), have directional audio, an 'innovative controller.' As for the price, news outlets are estimating that the Xbox 720 could be relatively pricey compared to other game consoles. In Entertainment said the device could be priced anywhere from $510 to $635, But those estimates are very, very, high. Most analysts are expecting the device to cost somewhere around $399.

Would you buy a Xbox 720 thats priced higher than $400? Let us know in the comments section.