The Xbox 360’s successor, Xbox 720 will be unveiled on 21 May 2013. Microsoft will hold a special event at its campus in Redmond, three months after Sony unveiled their PlayStation 4. Xbox Spokesperon Major Nelson wrote on his official blog:

On Tuesday May 21st, we’ll mark the beginning of a new generation of games, TV and entertainment. On that day, we’ll be holding a special press event on the Xbox campus and we invite you to join us via the live global stream that will be available on Xbox.com, Xbox LIVE and broadcast on Spike TV if you are in the US or Canada.

On that day, we’ll share our vision for Xbox, and give you a real taste of the future. Then, 19-days later at the Electronic Entertainment Expo (E3) in Los Angeles, we’ll continue the conversation and showcase our full lineup of blockbuster games.

The Xbox 720 is not the console’s official name, but it is what gamers have been calling it. The company has been mum on any spec details, but according to gamers the console is set to have an eight-core processor, 8GB memeory, 800MHz graphics processor and a Blue-ray drive.

According to Nelson, Microsoft will push the console as an all-in-one living room solution which will offer streaming video, television, music services and social media too.

Speculations suggests that device will suport a range of payment methods for content. Microsoft in the US experimented by reducing the price of the hardware if consumers signed up for a Gold Xbox Live account. Head of BBC digital, Robert Nashak said:

I think they’re going to have a system when you get into Xbox Live that’s going to be very seamless; you’ll see more frictionless billing.

Further speculation suggests that the console will need constant internet connection, limiting the possibility of piracy.

[Source: The Guardian]