But Xbox 360 has always been in sheer limelight and thus Microsoft is in no hurry to launch the new console but still owing to the claims of Sony that they will be overthrowing Xbox with PS4 Console, Microsoft will probably be launching the new console by next year.
The rivalry between the two corporations has been intensifying ever since they both entered the gaming console industry and are now presently two of the biggest names in the billion-dollar industry.
There are a lot of developments that have been taking place with the Xbox 720 and Microsoft plans to have a grand opening of the console whenever it is launched in the market. Xbox somewhat fares well over Sony owing to the fact that last year did not turn out to be quite fruitful for Sony which concurred losses amounting to $6.3 Billion forcing them to cut 10,000 jobs.
But both Microsoft and Sony are not in the race with their respective consoles that they plan to launch next year.