Xbox Series S price announced by Microsoft

The Xbox Series S, a smaller version of the next generation of Xbox consoles, will be priced at $299 and release Nov. 10, console creator Microsoft announced Tuesday.

In a post on the Xbox Twitter account, Microsoft touted the Series S as "next-gen performance in the smallest Xbox ever." The price point for the Xbox Series X, the standard model of Microsoft's next-gen console, has not yet been announced.

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The lower-priced model is a continuation of Microsoft's approach following the 2013 release of the Xbox One at $499 retail. Three years later, the company moved the standard Xbox One S, a smaller model of the system, for $299. This time around, the company is offering multiple models from the start in an effort to provide a few different price points for potential next-gen Xbox owners and compete with whatever rival Sony has in store with the PlayStation 5.

Like Microsoft, Sony has not yet released its pricing for the PS5, though both companies have showcased some of their hardware, subscription services and platform exclusive releases leading up to the holiday season. Sony's PS5 reveal in June drew a collective 7 million viewers on Twitch, while an Xbox Series X showcase in July unveiled the return of Fable and more details on the recently delayed Halo Infinite.