Microsoft president of the interactive entertainment business Don Mattrick took the stage at Microsoft's Xbox reveal this morning to introduce the new console, dubbed "Xbox One."
Game consoles traditionally live on for some time once their successors are released, but for how long can be dependent on a number of factors.
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It sounds like Microsoft has plenty of plans to support the Xbox 360 even in light of the Xbox One being revealed, though, so the 360 could potentially live on for some time.
Xbox 360 at E3
The Electronic Entertainment Expo is gaming's biggest annual convention.
Microsoft will hold a keynote press conference early in the convention, revealing more about the Xbox One and, we learned today, the future of the Xbox 360.
The current console was only mentioned in passing during today's Xbox One reveal, but expect more on the Xbox 360 as E3 approaches in June.