Sarah Tew/CNET

Microsoft has cut the annual cost of an Xbox Live Gold subscription.

Instead of paying the usual fee of $60 a year, you can become an Xbox Live Gold member for $40. The fine print doesn't indicate whether this is a temporary promotion, which it likely is. But it doesn't specify when the sale will end.

Want do you get for the $40 annually? An Xbox Live Gold subscription -- good for both the Xbox One and Xbox 360 game consoles -- allows you to play with and compete against other Xbox owners. You can also tap into a lineup of free games and save anywhere from 50 percent to 75 percent on other games sold in the Xbox Store.

Microsoft's Games with Gold program offers all Xbox Live Gold members free games each month. For March, members who own an Xbox One can get Rayman Legends for free, while those with an Xbox 360 can download Tomb Raider and Bioshock Infinite. In April, all Xbox Live Gold subscribers will a bonus: Xbox One owners will snag two free games while Xbox 360 owners get four freebies.

Xbox owners who like to watch streaming videos won't find an Xbox Live Gold subscription as critical as it used to be, though. In June, Microsoft changed its policy to allow Xbox owners to access such services Netflix, Hulu Plus, YouTube and HBO Go without having to pay for a Live Gold membership.

Xbox owners can tap into the $20 discount by either downloading a digital code or ordering a physical card in the mail.

Microsoft did not immediately respond to CNET's request for comment.