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  E3: Microsoft reveals next phase of Xbox
Time: 12:26 EST/17:26 GMT | News Source: Seattle Times | Posted By: Robert Stein

Sonys PlayStation 4 took an early lead in the latest generation of console hardware that debuted last fall and investors have questioned whether the new Microsoft should be in the games business. At the same time the industry is rebounding on the popularity of the PS4 and the Xbox One. A physical manifestation of Microsofts importance to the industry is the line of thousands of game developers, retailers and journalists swarming on USCs basketball arena this morning where Microsofts big-budget press event will reveal whats next for the platform and open the annual E3 game trade show.

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