Expect a new Xbox: Microsoft set to unveil new games console at mysterious May 21st event

Expected to be called the Xbox 720 and go on sale in time for Christmas, the console will battle Sony's PlayStation 4.

The consoles hope to fend off a growing threat from iPhone and iPad games, and become living room 'hubs' for everything from TV and music streaming to showing off Facebook photos on the big screen.

The event at its Redmond, Washington, headquarters that will likely shed light on its next video game console.

Microsoft Corp. said Wednesday that the May 21 event will reveal a new generation of games, TV and entertainment.

Nineteen days later Microsoft plans to reveal more details about its games at the E3 video game expo in Los Angeles. 

Microsoft says the event will be broadcast on Xbox.com and on Xbox Live and on Spike TV in the U.S. and Canada.

Writing on his official blog on Wednesday, Xbox spokesperson Major Nelson wrote, '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.

Little is known about the new console – not even its name, and Microsoft has gone to great lengths to keep details secret.

Gamers have been referring to it as the Xbox 720, although a codename, Project Durango, also surfaced last year on rumour sites.

The firm could also introduce a new payment system to allow users to easily buy games, films and music through the console.

The technology seems to be developing every quarter of second. My needs for them too. 

I better start applying for some vacancies.