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The next Xbox console is Xbox Series X, coming in holiday 2020 (MSFT)

Xbox Series X Phil Spencer

The next Xbox console, expected to launch in the 2020 holiday season, is named Xbox Series X.

The new Xbox console was revealed on Thursday evening during the annual video game industry awards show, The Game Awards. Xbox Series X does not have a price or specific release date yet.

Microsoft's Xbox leader, Phil Spencer, introduced the new console. "We see a future where you're instantly absorbed in your games, where worlds are even more lifelike, immersive, responsive, and surprising — where you are at the center of your gaming experience," he said. "Next holiday, Xbox Series X will lead us into the future of console gaming. Our fastest, most powerful Xbox will set a new bar for performance, speed, and compatibility."

The new Xbox Series X console appears to be significantly larger than the traditional game console size:

Xbox Series X

The next Xbox was first revealed in 2017, known only as Project Scarlett. Microsoft has openly discussed work on the new console, and has even spoken to details about its horsepower and capabilities.

The next-generation Xbox console — Xbox Series X — will be backwards compatible with games going back to the original Xbox (though not every game is supported). It will still support disc-based games, but will also support cloud-based game streaming.

And it's got a new controller, dubbed simply the Xbox Wireless Controller, which looks very similar to the current Xbox One gamepad. It has a new Share button, similar to the PlayStation 4's gamepad, and a new d-pad, modeled on the Xbox One Elite gamepad.

Xbox Series X

More than anything else, the Xbox Series X is intended to power the next generation of console games.

To that end, Spencer said, "Developers around the globe are already hard at work building games for Xbox Series X."

He revealed a trailer for one such project — a game from Microsoft-owned Ninja Theory, named "Senua's Saga: Hellblade 2."

Take a closer look at the  Xbox Series X right here in its debut trailer:

SEE ALSO: The next Xbox is scheduled to arrive in 'holiday 2020' — here are the 5 most important things we just learned about 'Project Scarlett'

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