New Xbox may cost $499

Microsoft sentinvitations to the press for an Xbox event on Wednesday. The tech giant is widely expected to announce its next-generation video game console on May 21.

The new Xbox may cost either $499 or $299 with a 2-year subscription to Xbox Live Gold, which is $10 per month, GameSpot reports, citing blogger Paul Thurrott.

Thurrott writes on his blog that the next Xbox will include a Blu-ray player, require constant connection to the Internet and will launch with an accompanying lower-priced model.

Microsoft's media event will be held on May 21, in Redmond, Wash.

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