For those in the market for a 4K blu-ray player — which is still a niche market with relatively few Ultra High Definition discs available just yet — the upcoming slimmed-down version of the Xbox One game console will probably be the best option once it hits stores in August. Microsoft announced the Xbox One S at its press conference ahead of the E3 Electronic Entertainment Expo in Los Angeles on Monday.

Only one 4K player, by Samsung, is currently sold in the United States, with a Phillips player planned for release in June and models from Panasonic and Sony on the way at some point. Retail price for both the Samsung and Phillips players is $399. The lowest priced variety of the new Xbox One S comes in at $299. Aside from the new Blu-ray drive and updated HDMI ports required to output in 4K and HDR, the Xbox One S will also include a new bluetooth version of the Xbox One controller.

For its functions as a gaming device, it will work the same as previous models of the Xbox One.

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The $299 version of the Xbox One S will include a 500 gigabyte hard drive and is functionally identical to more expensive models of the console aside from the size of the hard drive — the Xbox One S also comes in 1 terabyte and 2 terabyte versions for surcharges of $50 and $100, respectively.

4K video on the Xbox One S won’t be limited to physical media, however. The console will feature general support for 4K and HDR video, which will allow the Xbox’s Netflix, Amazon and Vudu apps to stream in 4K.

4K, or 3840×2160 resolution, is the next high definition standard for video above the current standard of 1080p, or 1920×1080 resolution. The majority of new brand-name televisions released in 2016 are 4K-capable displays.

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Most Netflix and Amazon Prime original shows and movies are available in 4K, but there still isn’t much 4K video content available otherwise. Other streaming media boxes like the Roku 4 and and Amazon Fire TV can output 4K video, but only the Roku 4 can output HDR. For the most part, 4K and HDR streaming is done through native smart TV apps.

HDR (high dynamic range) video allows for a wider gamut of colors to be displayed, thanks to increased brightness and contrast in the television display. Most 4K blu-rays make use of HDR technology.

The Xbox One S is planned for release in August, though a specific date has not yet been announced.